Cabinet decisions on 15 October 09

Cabinet decisions on 15 October 09

1) CGHS Facility renewed to PIB accredited journalists
The Cabinet on Thursday approved the renewal of CGHS facilities to Press Information Bureau (PIB) accredited journalists. These journalists accredited with PIB have been entitled to OPD facilities. The cabinet has also recommended that an attempt should be made to bring a comprehensive Health Insurance Scheme which will cover the journalists and their families.

2) Exchange of the letters of Agreement between United Nations Department of Economic and Social Affairs (UNDESA) and the Government of India
The Union Cabinet on Thursday approved the proposal to exchange letters of Agreement between United Nations Department of Economic and Social Affairs (UNDESA) and the Government of India for the provision of necessary privileges and immunities to the participants invited by the UN by the Government of India in accordance with the Charter of the United Nations and the Convention on the Privileges and Immunities of the United Nations during the Conference.

3) Disinvestment of shares of Andrew Yule & Company Limited (AYCL) held in Phoenix Yule Limited (PYL)
The Union Cabinet on Thursday approved the valuation of shares at the rate of Rs 49.50 per share for 11,943,074 shares of M/s. Phoenix Yule Ltd. (PYL), a Joint Venture Company of Phoenix Aktiengesellschaft (AG) Germany (PHX) (holding 74% equity) and Andrew Yule & Company Ltd. (AYCL), Kolkata a Central Public Sector Undertaking under the aegis of Department of Heavy Industry (DHI) (holding 26% equity) and to offload the 26% equity held by AYCL in PYL to M/s. Continental Conti Tech for a total consideration of Rs.62.82 crore (approx) including an additional compensation of Rs 3.69 crore.
This decision is a follow-up to the Cabinet decision of 22.02.2007 on the issue of restructuring of AYCL. Funds raised by way of disinvestment of AYCL’s share in PYL will go towards repayment of a part of interest free GOI loan of Rs.87.06 crore which was extended to AYCL as a part of the restructuring package of AYCL.
Courtesy: Cabinet release