Ahmedabad, Oct 13: The Gujarat high court has issued notices to the Union of India, Indian Petrochemicals Ltd (IPCL) and Disinvestment Commission in response to a group of petitions challenging the Government decision to divest 25 per cent of its shares in the Baroda-based company.The notices are returnable on October 20 as Justice MS Shah has fixed the next hearing on October 22.
The petitions have been filed by three empolyees unions, two land-losers who were subsequently provided suitable jobs in the PSU (public sector undertaking) and two shareholders.
Petitiones' counsels Girish Patel and Shalin Mehta contended that IPCL has been a leading profit-making public sector undertaking and has been awarded the `navaratna' status for its unique performance. Over the years, it has also built up huge social capital as a result of efforts of the Government and public. They contended that the gains could not be frittered away for short-term gains to generate resources for covering budget deficit, in favour of private industries which were originally not prepared to enter the field.
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