Sunday, June 5 2005 17:36 Hrs (IST) - World Time -

Kolkata: Terming it the first serious breach of the Common Minimum Programme (CMP), the CPM (Communist Party of India-Marxist) today (Jun 5, 2005) asked the United Progressive Alliance (UPA) Government at the Centre not to proceed with the decision of the Cabinet to sell off 10 per cent shares of public sector undertaking BHEL and warned of 'serious repercussions' if the Government went ahead with it.

CPM general secretary Prakash Karat said the party would not agree to any proposal for disinvestment in the blue chip (Navratna) PSUs in violation of the commitments made in the CMP.

"We shall meet the Government representatives and warn them that there will be serious repercussions if it went ahead with the disinvestment," Karat told newsmen after the three-day Central Committee meeting of CPM in Kolkata.

"This is not the case with BHEL only. The Government has drawn up a list of companies whose shares are to be disinvested and the sale proceeds will not go to the companies concerned," the CPM general secretary said.

"Sale of BHEL shares is not a piecemeal decision. It is a full-fledged plan for disinvestment in the blue-chip PSUs which will open the door to privatisation," Karat said.

The CPM considers the decision a serious violation of the CMP, he said.

Asked to elaborate on 'serious repercussions', he said that the Central Committee has directed the party leadership to take up the matter with the Government and take appropriate steps.

"Let us first talk with the Government and ascertain their views. Thereafter we will take decision accordingly," Karat said.

Karat said that after BHEL, the Government will now go for disinvestment of shares in the oil companies.

The three-day Central Committee meeting also decided to launch country-wide protests of the Left parties if there was any hike in petroleum product prices.