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  1. Fairfax seeks equity in IDBI Bank as the government proposes a stake sale, requiring disinvestment findings to be presented to Parliament.

Former Secretary Criticizes IDBI Disinvestment Process and Fairfax Stake Sale

1 report, 1 independent Updated Sun 00:00
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What happened

Some supportReported by 1 outlet

EA Sarma, former Secretary to the Government of India, criticized the handling of the IDBI disinvestment process in a letter to the Union Finance Minister. Sarma raised concerns about a possible conflict of interest because a Director of LIC of India, which holds a pre-sale stake of 49.24 per cent, sat on the board of Fairfax’s subsidiary. Sarma demanded that an independent inquiry be instituted and that the ongoing disinvestment of IDBI be kept in abeyance until its findings are presented to Parliament.

From thehindubusinessline.com

Why it matters

Some supportBrind's analysis of the reports

The criticism challenges the government's approach to selling public assets, particularly to a foreign agency like Fairfax. Sarma argued that justifying the sale by citing improved management or raising fiscal resources was fallacious. The demand for an inquiry introduces regulatory uncertainty into the sale of IDBI Bank.

Fairfax seeks equity in IDBI Bank as the government proposes a stake sale, which requires disinvestment findings to be presented to Parliament.

From thehindubusinessline.com

Who's involved

  • IDBI BankThe bank whose assets are being discussed in the disinvestment process

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Fairfax seeks equity in IDBI Bank as the government proposes a stake sale, requiring disinvestment findings to be presented to Parliament. All 1 developments

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