GOVERNMENT OF INDIA
Ministry of Finance
DEPARTMENT OF EXPENDITURE
PLAN FINANCE II DIVISION

RAJYA SABHA
UNSTARRED QUESTION NO.680
TO BE ANSWERED ON THE 20^th MARCH, 2012/30 PHALGUN, 1933 (Saka)
Transfer of Profits From Oil PSUs

680: SHRI RAJEEV CHANDRASEKHAR

Will the Minister of FINANCE be pleased to state: -

a)      whether Government has transferred the profit and tax payers’ money  from oil PSUs such as ONGC, GAIL and Oil India, to other loss-making oil companies without the consent of minority shareholders;

b)      if so, the details thereof and the reasons therefor; and

c)       whether the action of Government could be constructed as being violatìve of minority shareholder rights?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
SHRI NAMO NARAIN MEENA

a)      No, Sir. While the Government directs the Upstream companies such as ONGC,  OIL and GAIL to offer discount to Public Sector Oil Marketing Companies on sale of crude produced from nominated fields, no part of profits/tax payer’s money is transferred from Upstream Companies to the Oil Marketing Companies.

b)      Does not arise.

c)       Does not arise.