New Delhi: The Government said today (Aug 17, 2004) it had no plans to set up a committee to look into the alleged large scale "irregularities" in sale/disinvestment of public sector firms.

Minister of State for Finance S S Palanimanickam replied in the negative when Manoj Bhattacharya put a written question in Rajya Sabha as to whether the Government was considering setting up a committee to look into disinvestments cases in the last four or five years.

"There have been no major complaints about the privatisation transactions, which could be substantiated. The Government scrutinizes all complaints with promptitude and takes appropriate action," he said.

On the Government's disinvestment policy, he said, quoting from the National Common Minimum Programme, all privatisations would be considered on a transparent and consultative case-by-case basis.

"The existing 'navaratna' companies will be retained in the public sector while these companies raise resources from the capital market. While every effort will be made to modernise and restructure sick public-sector companies and revive sick industry, chronically loss-making companies will either be sold off, or closed, after all workers have got their legitimate dues and compensation," he said.