There would be no white paper on the issue and market forces would be allowed free play, Disinvestment Minister, Arun Jaitley asserted during question hour in the Rajya Sabha on Monday, even as members accused the government of not consulting the Elders while forging ahead with the disinvestment process.

Jaitley, who was replying to supplementaries during question hour in the Rajya Sabha, assured the Elders that workers' interest will be safeguarded while restructuring public sector enterprises.

Jibon Roy (CPIM) charged the government with ignoring the Elders and sought cancellation of question hour for taking up the issue. Chairman, Krishan Kant, however, ruled it out and cautioned the Opposition members that if they did not relent and persisted with their interruptions, their remarks would be expunged.

Jaitley pleaded that the disinvestment process would get slowed down if the government waited for the submission of the standing committee report on the performance of the undertakings before carrying the disinvestment process further.

Jaitley said that to ensure the best value for public sector shares through the bidding route, the government gets share valuation done by different methods. Assets are valued on a case to case basis.

The target for disinvestment during the current fiscal year had been fixed at Rs 10,000 crore.

Jaitley categorically told Nilotpal Basu (CPM) that disinvestment had started as early as 1991, and it was not initiated by his government.

The first strategic sale of public sector undertaking- Modern Food Industries- by the Vajpayee government had been successful. The government had realised Rs 105 crore by disinvesting 74 per cent stake in the enterprise.

Though the valuation of the company had been placed at Rs 109 crore, the government, besides Rs 105 crore, had also made the strategic partner to put in Rs 20 crore as investment.

S Peter Alphonse (TMC) wanted to know whether the name of the Department of Disinvestment could be changed to Department of Revamping Public Sector Undertakings. Jaitley said the suggestion could be considered though he would be handing over charge of the department to Arun Shourie.

On fresh infusion of capital into Air India, Jaitley said though the Ministry of Civil Aviation had made the suggestion, it had not found favour with the Union cabinet. Jaitley disclosed that 17 cases of disinvestment had been cleared and advisors appointed in the units.