2
ॢबहर गजट
[सधरण 1 नव बर 22
m|e esa fuos'k djsaxsA blls o`gr cgqjk"Vªh;/jk"Vªh; dEifu;ksa dks jkT; esa viuh
fofuekZ.k bdkbZ;k LFkkfir djus esa lqfo/kk gksxhA
1-3- vr% ;g uhfr tks jkT; dh lkoZtfud {ks= dh bdkb;ksa ds lkFk la;qä midze
uhfr] 2020 gksxh] dks jkT; ds lkoZtfud {ks= dh bdkb;ksa ¼PSE½ ds lkFk la;qä
m|e daifu;ksa dh LFkkiuk gsrq ykxw fd;k tk jgk gSA ;g uhfr fuxZr dh frfFk
ls] fcgkj vkS|ksfxd fuos'k izksRlkgu uhfr] 2016 ds ykxw jgus dh frfFk vFkkZr 31
ekpZ] 2025 rd izHkkoh jgsxhA
2- uhfr dk nk;jk A&
2-1- ;g uhfr mu ekeyksa esa ykxw gksxh] tgka jkT; ljdkj dh bdkbZ ;k mlds LokfeRo
okyh ;k mlds }kjk fu;af=r bdkbZ ftls bl uhfr esa lkoZtfud {ks= ds m|e
¼PSE½ ds :i esa lanfHkZr fd;k x;k gSA futh ikVZuj ftls bl uhfr esa futh
Hkkxhnkj&izkbZosV ikVZuj (PP) ds :i esa lanfHkZr fd;k x;k gS vkSj tks jkT; esa
fofuekZ.k ,oa blls tqM+h lsok,a gsrq la;qä m|e LFkkfir djus ds fy, bPNqd gSaA
2-2- bl uhfr dk mís'; çfrf"Br futh lk>snkjksa dks fuos'k ds fy, vkdf"kZr djuk
vkSj fcgkj vkS|ksfxd fuos'k izksRlkgu uhfr&2016 ds dafMdk&6-9 dk fØ;kUo;u
djuk gS ftlls fcgkj esa vk; vkSj jkstxkj ds volj esa o`f) gks ldsA
2-3-
;g uhfr mu ekinaMksa dk fu/kkZj.k djrh gS] ftUkdk vuqikyu pqfuank iz{ks=ksa esa
fofuekZ.k bdkb;ksa dh LFkkiuk ds fy, la;qä m|e ds xBu ij fopkj djrs le;
lko/kkuhiwoZd lqfuf'pr djus ds fy, mi;ksxh gksxhA bu ekinaMksa ls fdlh Hkh
fopyu dh tk¡p ,oa vkSfpR; lEcaf/kr foHkkx ds }kjk lkoZtfud midze jkT;
lkoZtfud {ks= fuos'k izksRlkgu i"kZn ¼SPSIPB½ }kjk ifjHkkf"kr /kkjkvksa ds vuqlkj
gksxh rFkk l{ke çkf/kdkj ls vuqefr çkIr dj vkxs dh dkjZokbZ dh tk;sxhA
3- laLFkkxr lajpuk A&
3-1- fodkl vk;qä dh v/;{krk esa jkT; lkoZtfud {ks= fuos'k izksRlkgu i"kZn ¼SPSIPB½
dk xBu gksxk] ftlesa iz/kku lfpo@lfpo foÙk foHkkx] okf.kfT;&dj foHkkx]
i;kZoj.k] ou vkSj tyok;q ifjorZu foHkkx] iFk fuekZ.k foHkkx] Hkou fuekZ.k foHkkx]
Je lalk/ku foHkkx vkSj fuos'k vk;qä lnL; gksaxsA blds vfrfjDr jkT;
lkoZtfud {ks= fuos'k izksRlkgu i"kZn ¼SPSIPB½ esa jkT; ds lacaf/kr ih,lbZ ls ,oa
mlds iz'kklh foHkkx ds iz/kku lfpo/lfpo lnL; gksaxs ftUgs lacaf/kr
ekeys@izLrko ij fopkj djus ds fy, vkeaf=r fd;k tk;sxkA m|ksx foHkkx ds
ç/kku lfpo@lfpo jkT; lkoZtfud {ks= fuos'k izksRlkgu i"kZn ¼SPSIPB½ ds lnL;
lfpo gksaxsA
3-2- jkT; lkoZtfud {ks= fuos'k izksRlkgu i"kZn ¼SPSIPB½ ds dk;Z vkSj 'kfä;k¡
fuEufyf[kr gksaxh %&
¼d½ la;qDr m|e ikVZulZ ds p;u ,oa ewY;kadu dh çfØ;k dh leh{kk djukA
¼[k½
SPSIPB ds lfpoky; }kjk jkT; lkoZtfud {ks= fuos'k izksRlkgu i"kZn ds
le{k j[ks x, lHkh la;qDr midze çLrkoksa dks ;k rks jkT; ljdkj ls
vuqeksnu gsrq vuq'kalk dh tk,xh ;k mfpr cnykoksa ds fy, lq>koksa ds
lkFk ih,là dks ykSVk nh tk;sxhA
¼x½ dksje 50 izfr'kr lnL;ksa dk gksxk ftlesa vfuok;Z :i ls vè;{k] foÙk
foHkkx ds iz/kku lfpo@lfpo] iz'kklh foHkkx ds ç/kku lfpo@lfpo]
lEcaf/kr PSE ds dk;Zdkjh çeq[k rFkk iz/kku lfpo@lfpo] m|ksx 'kkfey
gksaxsA inukfer inkf/kdkjh ds fdlh izfrfuf/k dks i"kZn dh cSBd esa Hkkx
ysus ds fy, vuqefr ugha nh tk;sxhA
¼?k½
SPSIPB ls vuq'kalk çkIr gksus ds ckn] lacafèkr PSE dk iz'kklh foHkkx JV
çLrko ij jkT; ljdkj dh vko';d Loh—fr çkIr djsxkA
3
ॢबहर गजट
[सधरण 1 नव बर 22
¼M-½ SPSIPB çR;sd cSBd esa lfpoky; ds dkedkt dh çxfr dh leh{kk djsxk
vkSj fuos'k çLrkoksa ds Rofjr dkjZokbZ dks lqfuf'pr djus ds fy, mfpr
funsZ'k nsxkA
¼p½
SPSIPB }kjk vuqeksfnr fuos'k çLrkoksa dh fLFkfr vkSj muds dk;kZUo;u
dh fLFkfr dh leh{kk djsxk ,oa bl uhfr ds dk;kZUo;u dh leh{kk
djsxkA
¼N½ bl uhfr ds dk;kZUo;u dh leh{kk djsxk] uhfr ds dk;kZUo;u esa dfBukÃ
dks nwj djus ds fy, vko';d Li"Vhdj.k tkjh djsxk vkSj PSE rFkk
futh Hkkxhnkj ds chp fdlh fookn dk fuiVkjk djsxkA
¼t½ bl uhfr ij foHkkxksa dks ekxZn'kZu vkSj lykg nsxkA
3-3- jkT; lkoZtfud {ks= fuos'k izksRlkgu i"kZn ¼SPSIPB½ dk lfpoky;%& ç/kku
lfpo/lfpo] m|ksx foHkkx dh v/;{krk esa jkT; lkoZtfud {ks= fuos'k izksRlkgu
i"kZn ¼SPSIPB½ dk ,d lfpoky; gksxkA SPSIPB ds lfpoky; dh lajpuk dks fcgkj
ljdkj ds m|ksx foHkkx }kjk vf/klwfpr fd;k tk,xkA lfpoky; çkIr fuos'k
çLrkoksa dh tkap vkSj ewY;kadu esa jkT; ih,l;w ds v/;{k vkSj cksMZ ds lnL;ksa dh
lgk;rk djsxkA
3-4- lfpoky; ds dk;Z fuEuor gksxs% &
¼d½ bl uhfr ds çko/kku ds vuqikyu ds fy, jkT; ds lkoZtfud miØeksa
}kjk blds le{k j[ks x, lHkh çLrko dh tk¡p djukA
¼[k½ izLrkoksa ij vuqeksnu ;k mfpr fu.kZ; gsrq SPSIPB ds le{k j[kukA
¼x½ la;qä m|e ikVZuj ds p;u esa lacaf/kr jkT; lkoZtfud miØeksa vkSj
iz'kklh foHkkx dk bl uhfr ds fdz;kUo;u esa ekxZn'kZu djukA
¼?k½
SPSIPB }kjk le;≤ ij lkSais x, vU; drZO;A
4- jkT; esa LFkkfir gksus okys la;qDr midze dk foLr`r izdkj ,oa dk;Z{ks= A&
4-1- bl uhfr ds mís'; ls la;qä m|e ¼tsoh½ ,d O;oLFkk gksxh ftlds rgr nks ;k
nks ls vfèkd lk>snkj bl uhfr ds ?kksf"kr mís';ksa ds fy, la;qä fu;a=.k ds rgr
,d vkfFkZd xfrfof/k djsaxsA orZeku uhfr esa la;qDr midze ,d fuxfer la;qDr
midze ds :i esa lhfer gksxkA izkbZosV ikVZuj la;qDr midze esa 50 izfr'kr ls
vf/kd fgLlk /kkj.k djsxkA
4-2- la;qDr midze dh LFkkiuk eq[; :i ls la;qDr lk>snkjksa ds 'kfDRk;ksa ds vk/kkj ij
tks os Lora= :i ls fuEu ykxr ;k tksf[ke ds lkFk ugha dj ldrs Fks] ikjLifjd
ykHk ds mÌs'; ls dh tk;sxhA
4-3-¼d½ la;qDr midze esa lkoZtfud midze dh Hkkxhnkjh fuEu :i ls lhfer gksxh %
¼i½
fdlh ,d la;qDr midze esa 100 djksM+ #i;s]
¼ii½ fdlh ,d la;qDr midze esa lkoZtfud midze ds usVoFkZ dk 5 çfr'kr]
¼iii½ lHkh la;qä miØeksa esa ,d lkFk lkoZtfud midze ds usVoFkZ dk 15
çfr'kr]
vxj lkoZtfud midze dk funs'kd i"kZn eglwl djrh gS fd
fuos'k dh lhek dks Åij vuq'kaflr lhek ls fdlh [kkl ekeys esa c<+kuk
vko';d gS rks bl laca/k esa bl ckr dks fo'ks"k fopkj gsrq jkT; lkoZtfud
{ks= fuos'k izksRlkgu i"kZn ¼SPSIPB½ ds le{k mfpr fu.kZ; gsrq fopkj vkSj
,dy ;ksX;rk ds vk/kkj ij Hkst ldrk gS] tcfd ;g lhek fcgkj
vkS|ksfxd {ks= fodkl izkf/kdkj vFkok vk/kkjHkwr lajpuk fodkl izkf/kdkj
ij ykxw ugha gksxhA
¼[k½ lQy la;qDr midze esa vuqorhZ fuos'k % mi;qZä lhek,a dsoy p;fur la;qä
miØeksa ds fy, dsoy çkjafHkd fuos'k ds fy, ykxw gks ldrh gSaA vxj la;qDr
4
ॢबहर गजट
[सधरण 1 नव बर 22
midze 03 o"kksZa ds fy, lQyrkiwoZd lapkfyr gksrh gS rks dksbZ Hkh vxyk fuos'k
,sls lQy vkSj ykHkizn la;qDr midze esa jkT; lkoZtfud {ks= fuos'k izksRlkgu
i"kZn ¼SPSIPB½ ds iwoZ vuqeksnu ls dj ldrs gSaA
¼x½ lkoZtfud {ks= ds m|e] uojRu dsUnzh; yksd midzeksa ds lkFk la;qDr midze
LFkkfir djus esa l{ke gksaxsA
4-4 la;qä miØe esa lkoZtfud {ks= ds m|e dk ;ksxnku fuEuor rjhdks ls
gks ldrk gS %&
bl uhfr ds rgr futh Hkkxhnkj ds lkFk jkT; esa fofuekZ.k {ks= esa la;qä
miØe LFkkfir fd, tkus gSaA çkbosV ikVZuj daiuh esa 50% ls vf/kd va'k iw¡th
j[ksxk vr,o ;s la;qä miØe futh {ks= dh daifu;ka ekuh tk,axhA bu la;qä
miØeksa esa jkT; ds lkoZtfud {ks= ds m|e dk ;ksxnku fuEuor rjhdksa ls gks
ldrk gS %
¼i½
fc;kMk }kjk ,d lqjf{kr _.k ds :i esa çnku dh tk jgh Hkwfe
¼ii½
fc;kMk }kjk ,d va'kiw¡th ds :i esa çnku dh tk jgh Hkwfe
¼iii½ jkT; ds lkoZtfud {ks= ds m|e }kjk Hkwfe vkSj va'kiw¡th fuos'k
la;qä miØe ds Åijksä :iksa dk foLr`r fooj.k fuEufyf[kr dafMdkvksa esa fd;k x;k gS%
4-4-1 fc;kMk }kjk lqjf{kr _.k ds :i esa çnku dh tk jgh Hkwfe—bl
O;oLFkk ds rgr] dafMdk&4-5 esa mfYyf[kr çko/kkuksa ds vuq:i fc;kMk
}kjk la;qä miØe okyh daiuh dks tehu vkoafVr dh tk,xhA vkoaVu dh
rkjh[k ds fnu fc;kMk dh Hkwfe dk ewY;] la;qä m|e daiuh esa lkoZtfud
{ks= ds m|e }kjk çnÙk lqjf{kr _.k ekuk tk,xkA jkT; dh lkoZtfud
{ks= dk m|e] la;qä miØe dh daiuh esa dsoy ,d çfr'kr dh fgLlsnkjh
j[ksxkA futh Hkkxhnkj bl daiuh esa 99 çfr'kr 'ks;j j[ksxkA daiuh ds
cksMZ esa jkT; lkoZtfud {ks= ds m|e dk çfrfuf/kRo djus okyk dksbZ
funs'kd ugha gksxkA la;qä m|e dh ;g daiuh okf.kfT;d mRiknu/
lapkyu 'kq: djus dh rkjh[k ds ckn vkSj 05 o"kZ ds vUnj Hkwfe dh
ykxr dk Hkqxrku cSad dh nj ds C;kt $2 çfr'kr okf"kZd pØo`f) nj
dh vnk;xh dj Hkwfe ds yht dks daiuh ds uke djk ldrh gSA ;g dk;Z
fofuos'k ds le; fc;kMk }kjk tehu dks la;qä m|e dh mä daiuh dks
gLrkarfjr dj ds fd;k tk,xkA ,sls le; rd futh lk>snkj }kjk _.k
tqVkus ds mís'; ls Hkwfe dks fxjoh ugha j[kk tk ldrk gSA jkT; dh
lkoZtfud {ks= dk ;g m|e 1% 'ks;j dk fofuos'k okf.kfT;d
mRiknu/lapkyu 'kq: djus dh frfFk ls 05 o"kZ ckn ;k tc Hkwfe cdk;k
dk fuiVku fd;k tkrk gS] esa tks Hkh ckn esa gks] rHkh dj ldrk gSA
fofuos'k ds le; 'ks;jksa dk ewY; fuEufyf[kr njksa esa lcls vf/kd nj
okyk gksxk%
¼d½ fofuos'k ds le; 'ks;jksa dk cktkj ewY;
¼[k½ og ewY; ftl ij 'ks;jksa dks mikftZr fd;k x;k Fkk vkSj fofuos'k
dh rkjh[k dks ekStwn fjtoZ vkSj ljIyl 'ks;jksa dk fgLlsnkjh ds
vuq:i vkuqikfrd ewY;
¼x½ ftl ewY; ij 'ks;jksa dks mikftZr fd;k x;k Fkk ds vfrfjä cSad
nj $„% okf"kZd pØo`f) nj ds vk/kkj ij dh xbZ x.kuk dk ewY;
4-4-2 fc;kMk }kjk va'kiw¡th ds :i esa çnku dh tk jgh HkwfeA&bl
O;oLFkk ds rgr] fc;kMk }kjk la;qä m|e dh daiuh dks dafMdk&4-5 esa
mfYyf[kr çko/kkuksa ds vuqlkj Hkwfe vkoafVr dh tk,xhA vkoaVu dh frfFk
dks Hkwfe dk ekStwnk ewY; la;qä m|e daiuh esa jkT; ds lkoZtfud {ks= ds
5
ॢबहर गजट
[सधरण 1 नव बर 22
m|e dh va'kiwath ekuh tk;sxhA lacaf/kr lkoZtfud {ks= dk miØe
va'kiwath ds vuqikr esa 'ks;jksa dh fgLlsnkjh j[ksxk] ysfdu jkT; lkoZtfud
{ks= ds miØe }kjk j[ks x, lHkh 'ks;jksa dh fgLlsnkjh la;qä miØe esa
dqy 'ks;jksa dk 49% ls vf/kd ugha gksxkA futh Hkkxhnkj fofuekZ.k bdkbZ
dh LFkkiuk ds fy, vko';d 'ks"k iwath dk fuos'k djsxkA daiuh ds cksMZ esa
jkT; ds lkoZtfud miØe dk çfrfuf/kRo djus okyk ,d funs'kd gksxkA
jkT; lkoZtfud {ks= ds miØe okf.kfT;d mRiknu ;k lapkyu 'kq: djus
dh frfFk ls vxys 05 o"kksaZ ds fy, izfr o"kZ vius fgLls ds 20 çfr'kr
'ks;jksa dk fofuos'k djsxkA jkT; lkoZtfud {ks= ds m|e la;qä miØe dh
daiuh esa lk>snkj gksus ds dkj.k okf.kfT;d mRiknu/lapkyu 'kq: djus
ls igys lHkh vko';d eatwjh çkIr djsxkA fofuos'k ds le; 'ks;jksa dk
ewY; fuEufyf[kr njksa esa lcls vf/kd gksxk%
¼d½
fofuos'k ds le; 'ks;jksa dk cktkj ewY;
¼[k½
og ewY; ftl ij 'ks;jksa dks mikftZr fd;k x;k Fkk vkSj fofuos'k dh
rkjh[k dks ekStwn fjtoZ vkSj ljIyl 'ks;jksa dk fgLlsnkjh ds vuq:i
vkuqikfrd ewY;
¼x½
ftl ewY; ij 'ks;jksa dks mikftZr fd;k x;k Fkk ds vfrfjä cSad nj $„%
okf"kZd pØo`f) nj ds vk/kkj ij dh xbZ x.kuk dk ewY;A
4-4-3 jkT; lkoZtfud midzeksa }kjk Hkwfe ,oa bfDoVh esa fuos'k
bl O;oLFkk ds vUrxZr dafMdk&4-5 esa mYysf[kr izko/kkuksa ds vuqlkj
la;qDr midze dks fcgkj vkS|ksfxd {ks= fodkl izkf/kdkj ds }kjk Hkwfe
vkoafVr dh tk;sxhA
Hkw&vkoaVu dh frfFk dks Hkwfe dk 'kq) ewY; la;qDr m|e esa fc;kMk dh
bfDoVh ekuk tk;sxkA jkT; lkoZtfud midze Hkh la;qDr m|e daiuh ds
bfDoVh esa fuos'k dj ldrk gSA jkT; lkoZtfud midze ds ikl ekStqn
bfDoVh ds vuqikr esa 'ks;lZ j[ksxk fdUrq jkT; lkoZtfud midze la;qDr
m|e daiuh ds dqy 'ks;lZ dk 49 izfr'kr ls vf/kd 'ks;lZ ugha gksxkA
futh Hkkxhnkj fofuekZ.k bdkbZ ds LFkkiuk ds fy, vko';d 'ks"k iw¡th dk
fuos'k dj ldrk gSA la;qDr m|e daiuh ds cksMZ esa jkT; ds lkoZtfud
midze dk ,d funs'kd izfrfuf/kRo djsxkA
jkT; lkoZtfud midze okf.kfT;d mRiknu@lapkyu izkjEHk gksus dh frfFk
ls vxys ikap o"kksZa esa izR;sd o"kZ vius dqy 'ks;lZ dk 20 izfr'kr 'ks;j
fofuos'k dj ldrk gSA fofuos'k ds le; 'ks;jksa dk ewY; fuEufyf[kr esa ls
lcls vf/kd gksxk %&
¼d½ fofuos'k ds le; 'ks;j dk cktkj ewY;A
¼[k½ og ewY; ftl ij 'ks;jksa dh lnL;rk yh xbZ Fkh vkSj fofuos'k dh
frfFk rd j[ks x;s 'ks;jksa ds vuqikr esa Hk.Mkj vkSj vf/k'ks"k dk
fgLlk FkkA
¼x½ fy;s x;s 'ks;lZ ewY; esa cSad }kjk 2 izfr'kr okf"kZd C;kt nj ds
vk/kkj ij dh xbZ x.kuk jkf'kA
mi;qZDr ds lHkh fodYiksa esa cSad nj fuos'k ds o"kZ ds 1yh tuojh
dks fo|eku cSad nj gksxkA
6
ॢबहर गजट
[सधरण 1 नव बर 22
4-5
fc;kMk }kjk Hkwfe ds vkoaVu dh izfdz;kA&fc;kMk }kjk la;qDr midze dks
vkoafVr lHkh Hkwfe nh/kZdkfyd vk/kkj ij gksxh ;kfu 99 o"kZ dh yht vof/k ijA
fc;kMk vf/kfu;e] 1974 ds dafMdk&6¼2½ ds vuqlkj fc;kMk Hkwfe vkoaVu djrk gSA
vf/kfu;e ds izk;kstuksa ds fy;s bls vkoaVu uhfr] 2013 ds lkFk i<+k tk;A la;qDr
midze ds lkFk yht MhM fc;kMk }kjk dsoy fofuos'k ds le; gLrk{kfjr fd;k
tk;sxkA
4-6 lHkh lkoZtfud {ks= ds midze dks la;qDr midze esa Åij of.kZRk nks ls vf/kd
eksM ls T;knk p;u djus dk fodYi ugha gksxkA
4-7
la;qDr midze ds lkFk ,djkjukek A&la;qDr midze ds ,djkjukesa esa
fuEukafdr fo"k;oLrq lEefyr gksaxs %
¼d½ ,djkjukesa ds i{kdkj
¼[k½ la;qDr midze ds izca/ku dh lajpuk ,oa muds lnL;
¼x½ lk>snkjksa ds chp LokfeRo dk çfr'kr
¼?k½ 'ks;jksa ds caVokjs& ykHk gkfu dk çfr'kr
¼M-½ la;qDRk midze }kjk cSad [kkrk dk la/kkj.k
¼p½ lalkèkuksa dh lwph
¼N½ ç'kklfud fjd‚MZ vkSj foÙkh; fooj.kksa dks la/kkj.k fdl izdkj fd;k
tk;sxk
¼t½ fcgkj jkT; ds fu;e tks la;qDRk midze ij ykxw gksaxs muds iwoZ 'krZA
5- la;qDr m|e ikVZuj ds p;u gsrq ewY;kadu vkSj vuqeksnu çfØ;k A&
5-1- ;fn la;qDr m|e cukus dk fu.kZ; fy;k tkrk gS] rks futh Hkkxhnkj ds p;u dh
çfØ;k fu"i{k vkSj ikjn'khZ gksuh pkfg,] fo'ks"kdj] pwafd futh Hkkxhnkj dk p;u
,d la;qDr m|e dks jkT; ds lkFk cukus ds fy, gksrk gS ,oa tks futh Hkkxhnkj
dks foÙkh; vkSj vU; ykHk çnku djrk gSA futh Hkkxhnkj dk p;u ,d [kqys
çfrLi/kkZ vk/kkj ij fd;k tkuk pkfg, rkfd çfr;ksxh vkosndksa dks leku volj
fey lds vkSj jkT; ih,l;w ds fy, loksZÙke ifj.kke gkfly gks ldsA ckrphr ds
ek/;e ls ;k ukekadu ds vk/kkj ij p;u ij fopkj ugha fd;k tkuk pkfg,A
5-2- lkekU; fl)kar
¼i½
la;qä m|e vkSj lac) çfØ;kvksa ds fy, futh Hkkxhnkj dk p;u ikjn'khZ
gksuk pkfg,A bl rjg ds lHkh çLrkoksa dks fyf[kr :i esa jkT; ds
lkoZtfud miØeksa ds funs'kd eaMy ds lkeus çLrqr fd;k tkuk pkfg,
vkSj blesa O;kolkf;d O;;] laHkkfor ykHkksa dh ek=k dk fu/kkZj.k vkSj
tksf[ke dkjdksa] ;fn dksbZ gks] ds lanHkZ esa ewY;kadu fjiksVZ 'kkfey gksuk
pkfg, funs'kd eaMy ds le{k fopkj ds fy, j[ks tkus ds iwoZ çLrko dks
jkT; ih,l;w ds çca/k funs'kd dh v/;{krk esa ,d rduhdh lfefr }kjk
tkap vkSj ewY;kadu fd;k tkuk pkfg,A
¼ii½ çLrko dks eatwjh nsus ;k vLohdkj djus dk vkSfpR; fyf[kr :i esa
rdZlfgr ntZ fd;k tkuk pkfg,A ;fn lnL;ksa }kjk vkifÙk ,oa vlarks"k
O;Dr fd;k tkrk gS rks ml fLFkfr esa lko/kkuhiwoZd tk¡p dh tk; ,oa ,d
fu.kZ; funs'kd eaMy }kjk fy;k tk;A
¼iii½ izLrko ,oa ewY;kadu fjiksVZ SPSIPB ds lfpoky; dks çLrqr fd;k tkuk
pkfg,A SPSIPB lfpoky; }kjk çLrko dks SPSIPB dh vuq'kalk gsrq Hkstk
tk;sxkA SPSIPB la;qDr m|e ij vafre fu.kZ; ysus ij fopkj djsxkA
SPSIPB ls vuq'kalk çkIr gksus ds ckn] lacafèkr PSE dk iz'kklh foHkkx JV
çLrko ij jkT; ljdkj dh vko';d Loh—fr çkIr djsxkA
7
ॢबहर गजट
[सधरण 1 नव बर 22
¼iv½ vkjchvkbZ] fons'kh fuos'k izksRlkgu i"kZn ¼,QvkbZihch½] i;kZoj.k] lsch vkfn
tSls laLFkkuksa ds le;≤ ij fu/kkZfjr uhfr vkSj çfØ;kvksa dk
vuqikyu djuk gksxkA
¼v½ ;g lqfuf'pr fd;k tkuk pkfg, fd çLrko ikjLifjd :i ls ykHkçn
gksuk pkfg, vkSj futh Hkkxhnkj dks fcgkj ds cktkj esa ços'k djus ds fy,
i;kZIr çksRlkgu çnku djuk pkfg,A ,slh daifu;ksa/cgqjk"Vªh; daifu;ksa ds
lkFk la;qä m|e dk xBu fd;k tk ldrk gS] tgka nksuksa Hkkxhnkjksa ds
mRiknu / O;kikj ykbu ds chp rkyesy gks vkSj tgka ls nksuksa dks ykHk
çkIr gksA
¼vi½ la;qä miØeksa dh ,d O;kid lwph vkSj fLFkfr] ftlesa la;qDr m|e dh
çxfr vkSj çn'kZu ij okf"kZd fLFkfr 'kkfey gks] dks lfpoky; ds ek/;e
ls SPSIPB dks v)okf"kZd vk/kkj ij çLrqr fd;k tkuk pkfg,A
5-3- p;u çfØ;k nks pj.kksa esa fd;k tk,xk ftlds ek/;e ls vafre p;u ls igys
la;qDr m|e Hkkxhnkjksa dh tkap dh tk,xhA lexz çfØ;k fuEukuqlkj gksxh%
¼i½
ewY;kadu ds igys pj.k esa la;qDr m|e ikVZuj p;u ds fy, ^^U;wure
ik=rk / ;ksX;rk ekunaM^^ ij la;qDr m|e ikVZuj dk vkdyu djus ij
/;ku fn;k tk,xkA oSls la;qDr m|e tks U;wure ik=rk ekunaMksa dks iwjk
djsxs dsoy os gh ewY;kadu ds vxys pj.k rd vkxs c<xs gSaA foLr`r
ekunaMksa ds fy, dafMdk 5-4 ns[ksaA
¼ii½ ewY;kadu dk nwljk pj.k la;qDr m|e ikVZuj ds lexz ewY; çLrko ,oa
mlds çLrko ds ewY;kadu ij dsafær gksxkA ewY;kadu ds fy, foLr`r
eSfVªDl ds fy, 5-5 ns[ksaA
5-4-
la;qDr m|e ikVZuj p;u ds fy, U;wure ik=rk/ ;ksX;rk ekunaM A&
la;qDr m|e ikVZuj }kjk feyus okys U;wure ekunaM 1 pj.k dh y?kq&lwph ds
fy, fopkj fd;k tkuk fuEukuqlkj gSa %
(i)
bdkà dks daiuh vfèkfu;e] 1956@2013 ds rgr fuxfer ,d QeZ gksuk
pkfg,A
¼ii½
;g ,d O;fäxr daiuh gksuh pkfg,A fdlh Hkh daifu;ksa ds lewg ;k la?k
dks vuqefr ugha nh tk,xhA
¼iii½
daiuh dks ml m|ksx ds V‚i Vsu m|ksxksa esa ls gksuk pkfg,] ftlds ikl
;k rks fcØh VuZ vksoj gks ;k ekdsZV 'ks;j gksA ekdsZV 'ks;j dks fu/kkZfjr
djus esa lanfHkZr vfHkys[k dks fo'ks"k :i ls fufonk vfHkys[k esa mYys[k
djuk gksxkA
¼iv½
daiuh ds ikl foxr 03 foÙkh; o"kksZa esa vkSlru de ls de 100 djksM+
#i;s dk VuZ vksoj gksuk pkfg,A
¼v½
daiuh ds fiNys rhu o"kksaZ ;k mlls vf/kd le; esa yxkrkj ykHk dk
bfrgkl gksuk pkfg,A
¼vi½
daiuh dk U;wure usVoFkZ 10 djksM+ #i;s gksuk pkfg,A blds vykok] ik=
daiuh dk usVoFkZ çLrkfor fuos'k dk de ls de 20% gksuk pkfg,A
¼vii½ ik= daiuh dks la;qDr m|e daiuh ds lkFk czkaM lk>k djus ds fy, rS;kj
gksuk pkfg,A la;qDr m|e }kjk fufeZr mRikn futh ikVZuj ds czkaM uke
dks ogu djsaxsA
¼viii½ ;fn Åijksä mís'; ds fy, ,d ubZ daiuh dks 'kkfey fd;k tkrk gS] rks
jkT; PSU }kjk fuos'k 'ks;jksa ds vafdr ewY; ij gksxkA
8
ॢबहर गजट
[सधरण 1 नव बर 22
5-5-
lexz ewY; çLrko dk vkdyu djus ds fy, ewY;kadu ekunaM% laHkkfor
la;qDr m|e Hkkxhnkjksa }kjk U;wure ik=rk ekunaMksa dks iwjk djus ds ckn laHkkfor
la;qDr m|e ikVZuj dk ewY;kadu fuEu ekinaMksa ij fd;k tk,xkA
¼i½
ikVZuj }kjk la;qDr m|e esa 'kq) fuos'k dk ewY; ¼80%½
¼ii½ jkT; dks mikftZr gksus okys laHkkfor ykHk ¼20%½A ewY;kadu ds fy, vad
çnku djrs le; nks ekunaMksa ij fopkj fd;k tk,xkA 10% fcØh VuZvksoj
ds fy, vkSj 10% futh fuos'kd ds cktkj fgLlsnkjh ds fy, çnku fd;k
tk,xkA
5-6-
izLrkoksa dk ewY;kadu ,oa la;qDr Ldksfjax %&
d- ;fn mi;qZDr ekinaMksa@vgZrkvksa dks dsoy ,d la;qDr m|e ikVZuj iw.kZ
djrk gS] rks bl ifjfLFkfr esa laHkkfor m|e ikVZuj dks p;u izfdz;k gsrq
fopkj fd;k tk;sxkA
[k- ;fn ,d gh ifj;kstuk@volj ds fy, nks ls vf/kd laHkkfor la;qDr m|e
ikVZuj U;wure ekinaMks@vgZrkvksa dks iwjk djrs gSa rks la;qDr m|e ikVZuj
dk ewY;kadu ekunaM ¼5-5½ ds vk/kkj ij fd;k tk;sxk vkSj izLrko dks fuEu
:i ls dzec) fd;k tk;sxk %&
¼i½
fuEu vgZrk j[kus okys izLrko dks fuEu izdkj ls Js.khc) fd;k
tk;sxk %&
¼d½ ekinaM ^d* % futh ikVZuj ds 'kq) fuos'k dk vf/kdre ewY; ¼Fa½
¼[k½ ekinaM ^[k* % futh ikVZuj dk vf/kdre VuZvksoj ¼Fb½
¼x½ ekinaM ^x* % futh ikVZuj dk vf/kdre ekdsZV 'ks;j ¼Fc½
¼ii½ vU; lHkh izLrkoksa dk izR;sd ekinaM ds fo:) Ldksj fu/kkZj.k gsrq lw=
¼Sf½%&
SfA’ = 100 x Fa’/ Fa | SfB’ = 100 x Fb’/ Fb | SfC’ = 100 x Fc’/ Fc
tgka SfA, SfB vkSj SfC dze'k% izR;sd ekinaMksa ds fo:) la;qDr Ldksj gS]
Fa’, Fb’ vkSj Fc’ dze'k% 'kq) fuos'k] VuZvksoj vkSj futh Hkkxhnkj dk
ekdsZV 'ks;j gS] ftuds izLrko ij fopkj fd;k tk jgk gS vkSj Fa, Fb
vkSj Fc bu Js.kh;ksa esa dze'k% futh Hkkxhnkj }kjk vf/kdre vftZr
Ldksj ewY; gSA
¼iii½
izLrkoksa dks muds la;qDr Ldksj ds vk/kkj ij Åij fn;s x;s 5-5 ¼d½
vkSj ¼[k½ ds vuqlkj fuEu rjhds ls Js.khc) fd;s tkrs gSa %&
S = SfA’ x 80% + SfB’ x 10% + SfC’ x 10%
5-7- lexz ewY; çLrko ds vkdyu ds çLrko gsrq ,d la;qä Ldksj fu/kkZfjr fd;k
tk,xk vkSj mPpre Ldksfjax okys laHkkfor la;qDr m|e ikVZuj dks vko';d
vuqeksnu ds fy, fopkj fd;k tkuk pkfg,A
5-8- ;fn dbZ çLrko çkIr gq, gSa] vf/kdre Ldksj okys mu çLrkoksa dks ilanhnk ikVZuj
ekuk tk,xkA
5-9-
SPSIPB ds lfpoky; }kjk la;qDr m|e ds çLrko dh tkap ds vU; fn'kk
funsZ'k% fo'ks"k :i ls] fdlh Hkh jkT; ih,lbZ }kjk la;qDr m|e ds xBu dk
çLrko] SPSIPB ds lfpoky; dks fuEufyf[kr dh igpku vkSj ewY;kadu djuk
pkfg,%
¼i½
la;qDr midze ds xBu dk mís'; vkSj vU; laHkkfor fodYi tks mís'; dh
iwfrZ dj ldrs gSaA
¼ii½ çkbosV ikVZuj }kjk pquk x;k la;qDr m|e fodYiA
¼iii½ futh Hkkxhnkj ds p;u dh çfØ;k [kqyh vkSj çfrLi/khZ gSA
¼iSjkxzkQ 5 ns[ksa½(
9
ॢबहर गजट
[सधरण 1 नव बर 22
¼iv½ la;qä m|e dh çca/ku lajpuk dh :ijs[kk rS;kj dh tk,xhA ljdkjh
vf/kdkfj;ksa dks ,d la;qDr m|e ds v/;{k ds :i esa çLrkfor ugha fd;k
tk,xk D;ksafd futh ikVZuj dk la;qä m|e ij iw.kZ fu;a=.k gksxkA jkT;
lkoZtfud miØe ds la;qä m|e esa 49% ls vf/kd 'ks;j ugha gksaxsA futh
bdkbZ ds lkFk ,d la;qDr m|e esa jkT; ih,l;w }kjk vko';d fgLlsnkjh
dh lhek dks çLrko esa bafxr fd;k tk,xkA
¼v½ lkoZtfud {ks= ds yksd miØeksa }kjk ;ksxnku dh tk jgh ifjlaifÙk dk
ewY;kadu iwjh rjg ls fd;k x;k gS ftl ij funs'kd eaMy dk vuqeksnu
izkIr gSA
¼vi½ dqy lalk/ku çfrc)rk ¼foÙkh;½ dk ewY;kadu fd;k x;k gks vkSj ykxw gksus
gsrq funs'kd eaMy }kjk vuqeksfnr gksA
¼vii½ fdlh Hkh dk;Z ds fufgrkFkZ tks laHkkfor nsunkfj;ksa dks mRiUu dj ldrs gSa]
tSls fd xkjaVh ;k okjaVh çnku djuk] ;k fdlh tksf[ke ds f[kykQ ubZ
daiuh dks {kfriwfrZ djukA bl rjg ds uqdlku dh QafMax ;k leFkZu
djus ds fy, laHkkfor ih,lbZ ds laHkkfor ifjpkyu ?kkVs vkSj jkT;
ih,l;w ds laHkkfor nkf;Ro dk vkdyu gksuk pkfg,A
¼viii½ fudkl çko/kkuksa dk fu:i.k vkSj laHkkfor fuos'k dk vkdyu tks la;qDr
m|e ds vlQy gksus dh fLFkfr esa mlds fuos'k dh olwyh ds fy, gksxkA
¼ix½ la;qDr m|e dh fdlh Hkh pwd ;k vlQyrk ds fy, la;qDr m|e cksMZ esa
jkT; PSU vkSj ljdkj ds funs'kdksa ds nkf;Ro vkSj tokcnsgh dk vkdyu
fd;k tk;sxkA
¼x½ D;k ljdkjh vf/kçkfIr çfØ;k ds fdlh vuqfpr ykHk ;k ykHk dh
laHkkoukvksa dk ewY;kadu fd;k x;k gS vkSj mUgsa lekIr dj fn;k x;k gSA
5-10- ,d la;qDr midze ds xBu ds çLrkoksa dk ewY;kadu fd;k tkuk pkfg, vkSj Åij
mBk, x, eqíksa ds laca/k esa ewY;kadu fd;k tkuk pkfg,A tgka ,d viokn cuk;k
tkuk gS] l{ke çkf/kdkjh dk vuqeksnu ekStwnk çfØ;kvksa ds vuqlkj çkIr fd;k
tkuk pkfg,A
6- lkoZtfud {ks= dh bdkbZ dh tokcnsgh A&
6-1-
vke yksxksa dh utj esa ,d la;qDr miØe dks jkT; ds yksd miØe vkSj futh
Hkkxhnkj ds chp ,d lk>snkjh ds :i esa ns[kk tk,xkA la;qDr miØe dh dksbZ Hkh
pwd ;k vlQyrk jkT; ds yksd miØe dks tk;t vkykspuk ds fy, vPNk™k
djsxh] tcfd la;qDr miØe dk izca/ku vkSj fu;a=.k futh Hkkxhnkj }kjk gksuk gSA
blds vykok] la;qDr miØe ds funs'kd eaMy esa 'kkfey ljdkjh funs'k Hkh
la;qDr miØe ds dqN dk;ksZa vkSj fu.kZ;ksa ds fy, mÙkjnk;h vkSj tokcnsg gksaxsA
la;qDr miØe cukus ds izLrko dk ewY;kadu djrs le; bu igyqvksa ij ;Fkksfpr
fopkj gksuk pkfg,A ,sls ewY;kaduksa ds fy, fuEu varfufgr ekxZn'kd fl)kar
gksaxs%&
¼i½
jkT; ds yksd miØe izfrc) va'kiw¡th ¼Equity½ ls ijs fdlh Hkh foÙkh;
nsunkfj;ksa dk ogu ugha djsaxsA jkT; ds yksd miØe futh Hkkxhnkj }kjk
fd, x, va'k iw¡th ¼Equity½ fuos'k ds vuqikr esa viuk fuos'k djsaxsA
¼ii½ ifj;kstuk ds fuekZ.k ;k lekiu esa nsjh ij fdlh Hkh le; ;k ykxr dh
HkjikbZ@{kfriwfÙkZ futh vfrfjDr {ks= dh bdkbZ }kjk fd;k tk,xkA
¼iii½ daiuh ds fdlh Hkh okf.kfT;d dk;Zdyki ls mRiUu gksus okys fdlh Hkh
dkuwuh fookn ds fy, jkT; ds yksd miØe oknh ugha gksaxs rFkk futh
Hkkxhnkj Åij of.kZr 6-1-¼i½ dh 'kÙkksa ds lkFk ,sls fooknksa dks fuiVkus ds
fy, iw.kZ:is.k ftEesokj gksxkA
10
ॢबहर गजट
[सधरण 1 नव बर 22
7- la;qDr miØe esa va’k fgLlsnkjh A&
7-1 la;qDr miØe esa jkT; ds yksd miØe dk fgLlk fdlh Hkh vuqikr esa gks ldrk
gS c'krsZ fd la;qDr midze esa lHkh lkoZtfud {ks= ds m|e ds dqy 'ks;j fdlh Hkh
ifjfLFkfr esa 49% ls T;knk ugha gksxhA
7-2- jkT; ds yksd miØe dk fgLlk 49% ;k mlls de j[kk tk,xk rkfd la;qDr
miØe dks vf/kd ls vf/kd O;olkf;d vc)rk ds lkFk futh bdkbZ ds :i esa
dk;Z djus dh Lora=rk nh tk ldsA ;/kfi bldk rkRi;Z ;g gS fd ,sls m|e dh
va'k iw¡th esa jktdks’k ls ;ksxnku fd;k tk,xk] ;g dnkfpr gh mlds dk;Zdykiksa
ij fu;a=.k djsxkA ;g /;ku esa j[kk tkuk pkfg, fd futh {ks= dh bdkbZ;k¡ ,sls
la;qDr miØe dks vf/kd vkd"kZd ekusaxh D;ksafd mUgsa Åij of.kZr fdlh Hkh
vuqfpr gLr{ksi ds fcuk ljdkjh dks’k vkSj lgk;rk miyC/k gksxhA ;g ljdkjh
[kjhn esa mUgsa vuqfpr ykHk Hkh ns ldrk gS D;ksafd la;qDr miØe dks izk;%
ljdkjh ;k v)Z&ljdkjh dEiuh ds :Ik esa ns[kk tkrk gSA la;qDr miØe dk
xBu izLrkfor gksus dh fLFkfr esa ljdkjh [kjhn izfØ;k esa vuqfpr ykHk ;k
nq:i;ksx dh ,slh lEHkkoukvksa dh igpku vkSj mudk mUewyu fd;k tkuk pkfg,A
7-3- pw¡fd jkT; ds yksd miØe dh fgLlsnkjh 49% ;k mlls de gksxh] la;qDr miØe
,d futh {ks= dh daiuh gksxhA bl rjg ds la;qDr miØe dks nwljs futh
dEifu;ksa ds lerqY; ekuk tk,xkA
8- la;qDr m|e dks vU; lgk;rk A&
8-1- jkT; ds lacaf/kr lkoZtfud {ks= ds m|e ij la;qDr m|e ds fy, ykxw lHkh
vko';d vuqeksnu] ykblsal] eatwjh lacaf/kr vuqefr izkIr djus dh ftEesokjh gksxhA
8-2-
jkT; ds lkoZtfud {ks= ds m|e dks vU; lkoZtfud {ks= ds m|e ;k ckgjh
,tsafl;ksa dks ,sls la;qDr m|e ds lalk/kuksa esa lg;ksx djus vkSj ;g lqfuf'pr
fd;k tkuk pkfg, fd la;qDr m|e jkT; lkoZtfud {ks= ds m|e ds lkFk
lk>snkjh dk dksbZ vuqfpr ykHk ugha mBk;s rkfd lHkh dks leku volj iznku gks
ldsA
9- la;qDr miØeksa ds v/;{k
9-1-
la;qDr miØeksa ds ekeys esa] ofj"B ljdkjh inkf/kdkfj;ksa dks izk;% muds funs'kd
eaMy ds v/;{k ds :i esa dk;Z djus ds fy, vkeaf=r fd;k tkrk gSA ;g mu
fLFkfr;ksa dks mRiUu dj ldrk gS ftuesa%
¼i½
ljdkjh vf/kdkjh futh daifu;ksa dh funs'kd eaMy ds v/;{k ds :i esa
dk;Z djrs gSa vkSj bl rjg /kkj.kk curh gS fd la;qDr m|e ,d ljdkjh
daiuh gSA
¼ii½
futh Hkkxhnkj bl /kkj.kk ls fd ;g ljdkj }kjk çofrZr vkSj lefFkZr
bdkbZ gS] vuisf{kr ykHk mBk ldrk gS] rFkk
¼iii½
,slh bdkbZ ftlds v/;{k fdlh foHkkx ds iz/kku lfpo@lfpo ;k vij
lfpo@la;qDr lfpo gksa] ml foHkkx ls O;olk; çkIr djus dh vuqefr
fey ldrh gS ,oa ;g fgrksa ds Vdjko dk laHkkO; dkj.k gks ldrk gSA
9-2-
fdlh Hkh ifjfLFkfr esa] ljdkjh vf/kdkfj;ksa dks la;qDr miØe esa v/;{k ;k vU;
in ij ugha jguk pkfg, tc rd fd la;qDr miØe dk xBu djrs le; gq,
djkj esa ;s fu/kkfjZr u gksA lsokfuo`r ljdkjh vf/kdkfj;ksa ds ekeys esa mudh
lacaf/kr lsok 'krsZa ykxw gksaxhA
10- ifjlaifÙk;ksa dk ewY;kadu A&
10-1- tgk¡ la;qDr miØe esa jkT; ds yksd miØekas dk ;ksxnku ifjlaifÙk;ksa ds :i esa
gS] ifjlaifÙk;ksa dk ewY;kadu /;kuiwoZd vkSj mudk ijkorZu mfpr :i esa gksuk
pkfg,A jkT; ds yksd miØe dks ;g lqfuf'pr djus dh vko';drk gS fd mudh
11
ॢबहर गजट
[सधरण 1 नव बर 22
va'kiw¡th esa fgLlsnkjh ¼Equity½ muds }kjk ;ksxnku fn, x, ifjlEifr;ksa ds ewY;
dks ;Fkk;ksX; n'kkZrk gSA ;s t:jh ugha fd ;s dsoy ewrZ ifjlEifr;ksa gksaA ,sls ewÙkZ
vkSj vewrZ ifjlaifÙk;ksa dk ewY;kadu funs'kd eaMy }kjk ;Fkk mi;qDr gksuk pkfg,A
lHkh lEifr;ksa] tks ykxw gks ldrh gS] ds ewY;kadu dh eatwjh funs'kd eaMy }kjk
nh tk;sxhA
10-2- çLrkfor tsoh ds laHkkfor ewY; dk mfpr ewY;kadu djus ds fy,] blds vuqekfur
jktLo /kkjkvksa vkSj O;kolkf;d e‚My dk vkdyu futh Hkkxhnkj ds p;u ls
igys fd;k tkuk pkfg,A blds vykok] /ku] laifÙk vkSj deZpkfj;ksa lfgr lalk/ku
vko';drkvksa dh 'kq#vkr esa fopkj fd;k tkuk pkfg,A dqy lalk/ku çfrc)rk esa
funs'kd eaMy dh eatwjh gksuh pkfg,A
10-3 fofuos'k ds le; 'ks;jksa ds ewY; dh x.kuk fuEufyf[kr fodYiksa esa] tks lcls
T;knk gks] ds vk/kkj ij dh tk;sxkh %&
¼d½ fofuos'k ds le; 'ks;jksa dk cktkj ewY;A
¼[k½ og ewY; ftl ij 'ks;jksa dks mikftZr fd;k x;k Fkk vkSj fofuos'k dh
rkjh[k dks vkoafVr 'ks;jksa ds vuqikr esa Hk.Mkj vkSj vf/k'ks"k dk fgLlk
FkkA
¼x½
la;qDr m|e ds ifjlaifÙk;ksa ds ewY;kadu esa buds }kjk _.k rFkk va'kiwath
ds :i esa fd;s x;s fuos'k dks Hkh lfEefyr fd;k tk;sxkA
¼?k½
og ewY; ftl ij 'ks;jksa dks mikftZr fd;k x;k Fkk ,oa C;kt] cSad
nj$2% okf"kZd pdzo`f) C;kt ds nj ij x.kuk fd;k x;k gksA cSad nj
fuos'k ds o"kZ ds 1yh tuojh dks fo|eku cSad nj gksxkA
10-4 ljdkj ds fuos'k dks iwjh rjg lajf{kr fd;k tk;sxk ,oa le>kSrs ij gLrk{kj djrs
le; ;g Li"V :i ls mYys[k fd;k tk;sxk fd ljdkj ds fuos'k dks lqjf{kr j[kk
tk;sxk vkSj ifjlekiu dh dkjokbZ ls nwj j[kk tk;sxk ,oa fnokfy;kiu ds dkj.k
LokfeRo esa ;fn dksbZ cnyko gksrk gS rks u;s ekfydksa vkSj ysunkjksa dh lfefr
ljdkjh fuos'k dh okilh lqfuf'pr djsxhA
11- vkdfLed ns;rk,¡ A&
11-1- jkT; lkoZtfud {ks= ds m|e dks mu tksf[keksa vkSj ftEesnkfj;ksa ls iwjh rjg
voxr gksuk pkfg, tks la;qDRk m|e esa ços'k dj jgs gSaA bls xkjaVh ;k okjaVh
çnku djus ;k fdlh Hkh tksf[ke ds f[kykQ ubZ daiuh dks {kfriwfrZ djus ds
fufgrkFkksaZ ij lko/kkuhiwoZd fopkj fd;k tkuk pkfg,A ,sls dk;Z tks fdlh Hkh
laHkkfor nsunkfj;ksa dks mRiUu dj ldrs gSa] ls cpk tkuk pkfg,A
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fLFkfr vkus ij jkT; ds lkoZtfud midzeksa }kjk ns;rk dk fdruk Hkkj ogu djuk
gksxk] bldk Li"V mYys[k fd;k tkuk pkfg,A
12- fudkl ,oa lekiu A&
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fofuos'k djsaxsA fofuos'k Hkh vkaf'kd :i ls Hkh izR;sd o"kZ bl rjg ls dh tk
ldrh gS fd 05 o"kksaZ ds var esa iw.kZ fofuos'k gks ldsA mnkgj.k ds fy, jkT;
lkoZtfud {ks= ds m|e gj lky viuh fgLlsnkjh dks 20% rd de djus dk ;fn
QSlyk ysrh gS rks 05 o"kksZa esa iw.kZ :i ls fofuos'k gks ldsxkA ;fn vkS|ksfxd Hkwfe
dks fgLlsnkjh ds :i esa fy;k tkrk gS] rks ifjlaifÙk ds ewY; dk iw.kZ Hkqxrku 05
o"kZ dh vof/k esa fd;k tk ldrk gSA
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dks Li"V :i ls ifjHkkf"kr djus dh vko';drk gSA i‚fylh ds dafMdk&10 ij
,d laf{kIr fooj.k n'kkZ;k x;k gSA
12
ॢबहर गजट
[सधरण 1 नव बर 22
12-3- jkT; lkoZtfud {ks= ds m|e dks laHkkfor fuos'k dk vkdyu djuk gksxk tks
la;qDr m|e vlQy gksus dh fLFkfr esa vius fuos'k dh olwyh ds fy, gksxkA
12-4- çkjafHkd pj.k esa gh fudklh ds çko/kkuksa dks] tSlk fd daiuh vf/kfu;e esa
izko/kkfur gS] dks Hkh rS;kj dj fy;k tkuk pkfg,A dqN ,sls ifj–'; tks fudklh
dh ekax dj ldrs gSa] fuEuor gSa%
¼i½ ifj;kstuk iwjh ugha gks jgh gS vkSj okf.kfT;d mRiknu 'kq: ugha gqvk gSA
¼ii½ futh Hkkxhnkj fnokfy;k gks tkrk gSA
¼iii½ la;qDRk m|e le>kSrs ds mís';ksa vkSj ifjdYiukvksa ds vuqlkj izn'kZu ugha
dj jgk gSA
¼iv½ la;qDr m|e daiuh }kjk fu;e vkSj 'krksaZ dk mYya?ku
¼v½ ikjLifjd :i ls 'ks;jukes dks lekIr djuk pkgrs gSa
¼vi½ ewy ekfydksa dk fofuos'k / ewy daiuh esa LokfeRo esa ifjorZuA
¼vii½ la;qDRk m|e ,d vkbZihvks ds ek/;e ls fofuos'k ds fy, tkrk gSA
Åijksä ifj–';ksa esa fudklh izfd;k dh foLr`r tkudkjh SPSIPB ds
ijke'kZ ls m|ksx foHkkx] fcgkj ljdkj ds }kjk vf/klwfpr dh tk ldrh gSA
dafMdk&12-4 esa mfYyf[kr ifjn`';ksa dh lqj{kk la;qDr m|e ds xBu ls igys
futh Hkkxhnkj vkSj jkT; ds lkoZtfud miØeksa ds chp gLrk{kj fd, tkus okys
,djkjukesa esa 'kkfey gksxhA
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chp ,d ,djkjukesa ij gLrk{kj fd, tk,axsA ;g ,djkjukesa fookn lek/kku dk
vk/kkj cusxkA
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ds eqís ij fopkj&foe'kZ dj ekeys ij fu.kZ; djsxkA
13-3- ;fn SPSIPB fookn dks gy djus esa foQy jgrk gS] rks e/;LFkrk vkSj lqyg
vf/kfu;e] 1996 ds çko/kkuksa ds vuqlkj fu.kZ; fy;k tk,xkA
14- ;g uhfr fgUnh laLdj.k ewy izfr vaxszth laLdj.k dk fgUnh vuqokn gSA bu nksuksa esa fdlh
rjg dk fojks/kkHkk"k mRiUu gksus ij uhfr dk vaxzsth laLdj.k ekU; gksxkA
fcgkj&jkT;iky ds vkns'k ls]
MkΠ,l0 fl)kFkZ]
iz/kku lfpoA
————
No- No- 4/Tech./Joint Venture Policy /84 / 2020-1151
Department of Industries
————
Resolution
24th August 2020
Subject:- Policy for Joint Venture with State Public Sector Enterprises, 2020.
1.
Background.—
1.1. The current public health crisis (i.e. COVID-19) has presented the State with an
opportunity to develop the manufacturing sector in the State and provide employment
opportunities to the workers returning to the State. In this context, the State
Government came out with an amendment to the BIIPP, 2016 policy to restart the
manufacturing sectors of the economy vide memo No.883 dated 29th June, 2020. The
overall objective of this amendment to the policy is to generate employment creating
new means of livelihood and increasing industrial activity in the State.
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[सधरण 1 नव बर 22
1.2. In this regard, Para 11 of amendment to Bihar Industrial Investment Promotion Policy,
2016, memo no. 883, dated 29.6.2020, has proposed that the State Public Sector
Enterprises (PSEs) shall be encouraged to form Joint Ventures with some of the
leading private companies in manufacturing sector who are willing to invest in the
State. Some of the sectors to be considered under this clause are Food Processing,
Medical Equipment, Automobiles, Garments, Farm Machinery, IT & ITeS and areas
identified as Priority Sector etc. The leaders in the respective manufacturing sector shall
be identified following a transparent process for forming the Joint Venture. The State
PSEs shall jointly invest in these JVs. This will provide a comfort to large
multinational/national organisations to set up their manufacturing units in the State.
1.3. Accordingly, this policy called the POLICY FOR JOINT VENTURE WITH STATE
PUBLIC SECTOR ENTERPRISES, 2020 is being published for establishment of JV
companies with State Public Sector Entities (PSEs). The Policy will come into effect
from the date of issue of the notification and will remain effective during the entire
period of operation of Bihar Industrial Investment Promotion Policy, 2016 i.e. till 31st
March, 2025.
2. Scope.—
2.1. This policy would be applicable in cases where the State Government Entity or an
entity owned or controlled by it herein after referred to as the Public Sector Entity
(PSE) and a private partner herein after referred to as the Private Partner (PP) desires
to set up a Joint Venture Company (JV) to establish a manufacturing unit or services
associated with it in the State.
2.2. The objective of this policy is to attract new investment from reputed Private Sector
companies and operationalize clause 6.9 of Bihar Industrial Investment Promotion
Policy-2016, with a view to enhance income and employment opportunities in Bihar.
2.3. This policy lays down criteria which need to be examined carefully while considering
formation of JVs for establishing manufacturing units in the select sectors. Any
deviation from these criteria would need to be adequately explained and justified by the
concerned Departments/ State PSE to the SPSIPB [State Public Sector Investment
Promotion Board] defined in the following paras and requisite approval of the
competent authority should be obtained before proceeding further.
3. Institutional Structure.—
3.1. There shall be State Public Sector Investment Promotion Board (SPSIPB) under the
Chairmanship
of
the
Development
Commissioner
in
which
Principal
Secretaries/Secretaries of Department of Industries, Finance Department, Commercial
Taxes Department, Department of Environment, Forest & Climate Change, Road
Construction Department, Building Construction Department, Labour Resources
Department and Investment Commissioner will be the members. Additionally, the
SPSIPB will have members of State PSE and the Principal Secretary/ Secretary of the
administrative department of the State PSE who will be invited as and when their
issues/proposals are being considered. Principal Secretary/ Secretary of the
Department of Industries shall be the Member Secretary of the SPSIPB.
3.2. The following shall be the functions and powers of the State Public Sector Investment
Promotion Board (SPSIPB)-
a. Review the process of evaluation and selection of JV Partners;
b. All JV proposals placed before it by the Secretariat of the SPSIPB shall either
be recommended for approval of the State Government or returned to the PSE
with suggestions for appropriate changes;
c. The quorum shall be of 50% of the members with mandatory presence of
Chairman, Principal Secretary/Secretary of Finance Department, Principal
Secretary/ Secretary of the administrative Department including the Executive
Head of the PSE and Principal Secretary/Secretary of Department of Industries.
No representative of the designated official shall be allowed to participate in
the board meeting.
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ॢबहर गजट
[सधरण 1 नव बर 22
d. After the receipt of recommendation from the SPSIPB, the administrative
Department of the concerned PSE shall obtain necessary approval of the State
Government on the JV proposal;
e. SPSIPB in each meeting shall also review the progress of the working of the
Secretariat of the SPSIPB and shall give appropriate instructions to ensure
speedy processing of investment proposals;
f.
Review the status of investment proposals approved by the SPSIPB and their
implementation status;
g. Review the implementation of this Policy, issue necessary clarification to
remove difficulty in implementation of the Policy, settle dispute if any between
PSE and PP; and
h. Guide and advise the Departments on this Policy.
3.3. Secretariat of the State Public Sector Investment Promotion Board:—There shall be
a Secretariat of the State Public Sector Investment Promotion Board under the
Chairmanship of the Principal Secretary/Secretary, Department of Industries. The
composition of the Secretariat of the SPSIPB will be notified by the Department of
Industries, Government of Bihar. The Secretariat shall assist the Chairman and the
Board Members in examining and appraising the investment proposals received.
3.4. The following shall be the functions of the Secretariat :-
a. Scrutiny of all proposals put up before it by the PSEs for compliance of the
provisions of this Policy;
b. Place the proposals before the SPSIPB for approval or appropriate decision;
c. Guide the concerned State PSEs and administrative department in
implementation of this policy; and
d. Any other duties assigned by the SPSIPB from time to time.
4. Detailed Nature and scope of JVs for establishing units in the State.—
4.1. For the purpose of this Policy, Joint Venture (JV) shall be an arrangement whereby
two or more parties undertake an economic activity towards the stated objectives of
this Policy, and which is subject to joint control. The JV in the present policy shall be
limited to an incorporated joint venture, the PP shall hold more than 50% equity in the
JV.
4.2. JVs shall preferably be established with an overall objective of mutually leveraging
the strengths of the respective JV partners which they would be unable to achieve
independently at lower cost or risk.
4.3. a) The participation of PSE in JVs should be limited to the lower of the following:-
(i)
Rs.100 crores in any one JV,
(ii) 5 per cent of the net worth of the PSE in any one JV,
(iii) 15 per cent of the net worth of the PSE in all joint ventures put together.
If the Board of Directors of the PSE feels it necessary to exceed the
levels of investment limits recommended above in a given case, it may refer
the matter to the SPSIPB for an appropriate decision in cases deserving of
special consideration on individual merit. This limit however shall not apply
to BIADA or IDA.
b) Subsequent investments in Successful JVs: The above-mentioned limits may be
applicable only for initial investments in the selected joint ventures. In case the
JV Company is operating successfully for three years, any further investment in
such successful and profitable Joint Ventures may be done with prior approval of
the SPSIPB.
c) PSE shall also be able to do JVs with Navratna CPSEs.
4.4. Contribution of PSE in the JVs may include the following forms.—The JVs are to be
established in the manufacturing sector in the State with a Private Partner, proposed under
this policy. The Private Partner shall hold more than 50% equity in the company and these
15
ॢबहर गजट
[सधरण 1 नव बर 22
JVs will be private sector companies. Contribution of the State PSEs in these JVs can take
the following forms:
(i)
Land being provided by BIADA as a secured debt
(ii) Land being provided by BIADA as an equity
(iii) Land and Equity Investment by State PSE
The details of the above forms of JV have been elaborated in the following paragraphs :
4.4.1.
Land being provided by BIADA as a secured debt.—Under this arrangement
land shall be allotted to the JV company by BIADA as per the provisions
mentioned at para 4.5. The value of the BIADA land as on the date of allotment
shall be considered as Secured Debt to the Joint Venture Company. The State
PSE will only hold a notional one percent share in the company. The Private
Partner who makes all the investment shall hold 99% shares in the JV company.
There shall be no Directors representing the State PSE on the Board of the
Company. The Joint Venture company can repay the cost of the land within 5
year after the date of commencement of commercial production/operations with
an interest of Bank Rate + 2% compounded annually as and when it desires to
and get the land lease agreement signed in the name of JV. The lease agreement of
the land shall be signed with BIADA at the time of disinvestment by BIADA. Till
such time the land cannot be mortgaged for the purpose of raising debt by the JV
partner. The State PSE shall disinvest the 1% share after 5 years from the date of
commencement of commercial production/operations or when the land dues are
settled whichever is later. The value of shares at the time of disinvestment shall
be the highest of the following rates :
(a) Market value of shares at the time of disinvestment
(b) The price at which the shares were subscribed plus the portion of
reserves and surplus in ratio of shares held on the date of
disinvestment.
(c) The value at which they were subscribed plus interest calculated on
the basis of Bank Rate + 2% compounded annually.
4.4.2.
Land being provided by BIADA as an equity.—Under this arrangement land
shall be allotted to the JV company by BIADA as per the provisions mentioned in
para 4.5 below. The net value of the land as on date of allotment shall be
considered as equity of the State PSE in the Joint Venture Company. The
concerned State PSE/PSEs will hold shares in proportion to the equity held but
total of all shares held by State PSEs shall not be more than 49% of the total
shares of the JV company. The Private Partner shall invest the rest of the capital
required for setting up the manufacturing unit. There shall be one Director
representing the State PSE on the Board of the Company. The State PSE shall
disinvest 20% of the shares held by it every year for the next 5 years from the
date of commencement of commercial production/operations. The State PSE
being a JV partner shall obtain all clearances required before the commencement
of commercial production/operation on behalf of the JV. The value of shares at
the time of disinvestment shall be the highest of the following rates
(a) Market value of shares at the time of disinvestment
(b) The price at which the shares were subscribed plus the portion of
reserves and surplus in ratio of shares held on the date of
disinvestment.
(c) The value at which they were subscribed plus interest calculated on
the basis of Bank Rate + 2% compounded annually.
4.4.3.
Land and Equity Investment by State PSEs.—Under this arrangement land shall
be allotted by BIADA to the JV company as per the provisions mentioned at para
4.5. The net value of the land as on date of allotment shall be considered as
equity of BIADA in the JV. The State PSE in the Joint Venture Company shall
also invest in the equity of the Joint Venture Company. The State PSEs will hold
16
ॢबहर गजट
[सधरण 1 नव बर 22
Shares in proportion to the equity held but the total of all PSEs shares will not be
more than 49% of the total shares of the company. The Private Partner shall invest
the rest of the capital required for setting up the manufacturing unit. There shall
be one Director representing the State PSE on the Board of the JV Company.
The State PSE shall disinvest 20% of the shares held by it every year for the
next 5 years from the date of commencement of commercial production/
operation. The value of shares at the time of disinvestment shall be the highest of
the following :
(a) Market value of shares at the time of disinvestment
(b) The price at which the shares were subscribed plus the portion of
reserves and surplus in ratio of shares held on the date of
disinvestment.
(c) The value at which they were subscribed plus interest calculated on
the basis of Bank Rate + 2% compounded annually.
The bank rate in all the above options shall be the bank rate as on 1st
January of the year of the investment.
4.5 Procedure of allotment of land by BIADA.—All the land allotted by BIADA to the JV
shall be on long term basis i.e 99 year lease term. BIADA makes allotment of land under
section 6(2) of BIADA Act, 1974 read with Allotment Policy, 2013 for the purposes of the
Act. The lease deed with the JV shall only be signed at the time of disinvestment by
BIADA.
4.6 All PSE will have option to select not more than two of the modes described above for JV.
4.7 The Joint Venture Agreement.—The joint venture agreement shall include, inter alia, the
following terms:
a) The parties to the agreement
b) The JV's management structure and members
c) The parties' percentages of ownership
d) The distributive share—the percentage of profit or loss—allocated to each party
e) The bank account JV will use
f) A list of resources
g) How administrative records and financial statements will be produced and retained
h) Pre-condition that Bihar state's laws will apply to the JV
5. Appraisal and approval process for selection of JV partner.—
5.1. In case it is decided to form a JV, the process of selection of the private partner must be
fair and transparent, especially since the selection of a private partner to form a JV
with a public sector entity confers financial and other advantages to the private partner.
The selection of the private partner must be done on an open competitive basis so as to
afford an equal opportunity to competing applicants and for securing the best outcome
for the public sector entity. Selection through negotiations or on a nomination basis
should not be considered.
5.2. General Principles
(i)
The selection of the private partner for joint venture and associated processes
should be transparent. All such proposals must be presented to the State PSE’s
Board of Directors in writing and should contain evaluation report in terms of
commercial expediency, quantification of the likely benefits and risk factors, if
any. The proposal should be examined and appraised by a technical committee
headed by the Managing Director of the PSE before putting it up before the
Board of Directors for consideration.
(ii) The rationale for approving or rejecting the proposal must be recorded in writing
giving full justification. In the event of the objections and dissent are raised by
the members that same be carefully examined and a decision taken by the board
of directors.
17
ॢबहर गजट
[सधरण 1 नव बर 22
(iii) The proposal with the appraisal/ evaluation report with concurrence of Finance
Department should be submitted to the Secretariat of the SPSIPB which shall
recommend the proposal to the SPSIPB. After the receipt of recommendation
from the SPSIPB, the Administrative Department of the concerned PSE shall
obtain necessary approval of the State Government on the JV proposal.
(iv) The policy and procedures of authorities like RBI, Foreign Investment
Promotion Board (FIPB), Environment, SEBI etc., as laid down from time to
time should be complied with.
(v) It must be ensured that the proposal should be mutually beneficial and provide
adequate incentive to the private partner to enter into the Bihar market. Joint
ventures may be formed with such companies/MNC(s) where there is synergy
between Production /business line of the two partners and where both stand to
gain.
(vi) A comprehensive list of joint ventures formed and status thereof including yearly
status on the progress and performance of JV should be submitted to SPSIPB
through the Secretariat on half yearly basis.
5.3. Two stage selection processes will be followed through which JV partners will be
screened before final selection. The overall process will be as follows:
(i)
First stage of evaluation will focus on assessing the JV partner on the
“Minimum Eligibility/Qualification Criteria for JV Partner Selection”. Only
those interested JV partner meeting the minimum eligibility criteria proceeds to
the next stage of evaluation. Refer Clause 5.4 for detailed criteria.
(ii) Second stage of evaluation will focus on evaluating the overall value
proposition of the JV partner and its offer. Refer 5.5 for detailed matrix for
evaluation.
5.4. Minimum Eligibility/Qualification Criteria for JV Partner Selection – The minimum
criteria which should be met by the JV partner to be considered for 1st stage short-
listing are as follows:
(i)
The entity should be a company incorporated under the Companies Act, 1956/2013.
(ii) It should be an individual company. No group of companies or consortium shall be
allowed.
(iii) The company should be from amongst TOP TEN of the industry to which it
belongs to in terms of either SALES TURNOVER or MARKET SHARE. The
reference document for determining the market share shall be mentioned specifically
in the bid document.
(iv) The company must have an average turnover of at least Rs. 100 crores in the
preceding three accounting years.
(v) The company should have consistent operating profit history in the previous three
years or more.
(vi) The company should have a minimum net worth of Rs. 10 crore. Further, the net
worth of the eligible company must at least be 20% of the proposed investment.
(vii) The eligible company must be willing to share the brand with the JV company. The
products manufactured by the JV shall bear the brand name of the Private Partner.
(viii) In case a new company is incorporated for the above purpose, investment from GoB
shall be at face value of the shares.
5.5. Evaluation Criteria for assessing overall value proposition: After the potential JV
partners have met the minimum eligibility criteria, the potential JV partner will be
evaluated on the following parameters with the following weightages:
(i)
Value of net investment in the JV by the partner (80%)
(ii)
Likely benefits to be accrued to the State (20%). Two criteria shall be considered
while awarding points for evaluation. 10% shall be awarded for turnover and 10%
shall be awarded for market share of the Private Investor.
18
ॢबहर गजट
[सधरण 1 नव बर 22
5.6. Evaluation and combined scoring of proposals:
A. If only one JV Partner meets the minimum eligibility criteria as stipulated above,
in such case, the potential JV Partner will be considered for selection process.
B. If more than two potential JV Partners meet the minimum eligibility criteria for
same project/opportunity, the JV Partners will be evaluated on the basis of the
criteria (refer 5.5) and proposals will be ranked in the following manner:
(i)
The proposal meeting the following criteria will be ranked in the following
manner:
a. Parameter A: Maximum value of Net Investment in the PP (Fa)
b. Parameter B: Maximum Turnover of the PP (Fb)
c. Parameter C: Maximum Market Share of the PP (Fc)
(ii) The formula for determining the scores (Sf) of all other Proposals against
each of the parameter is calculated as following:
SfA’ = 100 x Fa’/ Fa | SfB’ = 100 x Fb’/ Fb | SfC’ = 100 x Fc’/ Fc
Where SfA , SfB and SfC is the composite score against each of these
parameters respectively; Fa’, Fb’ and Fc’ is the value of net investment,
turnover and market share of PP whose proposal is under consideration
respectively; and Fa, Fb and Fc is the value scored by the PP highest in each
of these categories respectively.
(iii) Proposals are ranked according to their combined scores using the weights given
above in
5.5. (i) and (ii) as following: S = SfA’ x 80% + SfB’ x 10% + SfC’ x 10%
5.7. A combined score will be generated for evaluating the proposal for assessing the
overall value proposition and the potential JV partner scoring the highest should be
considered for necessary approval.
5.8. In case, multiple offers have been received, those proposals with the maximum score
will be considered as the preferred partner.
5.9. Other guidelines for Scrutiny of JV proposal by the Secretariat of SPSIPB:— In
particular, the proposal for formation of a JV by any PSE, the Secretariat of SPSIPB
should clearly identify and evaluate the following:
(i)
The objective for formation of the JV and the other potential options which
may serve the purpose;
(ii)
JV option opted in by the Private Partner;
(iii) The process of selection of the private partner is open and competitive (see
paragraph 5);
(iv) The management Structure of the Joint Venture shall be outlined. Government
officials would not be proposed as Chairpersons of a JV since the Private
Partner shall have full control over the Joint Venture. The PSE shall not have
more than 49% shares in the Joint Venture. The extent of shareholding
necessary by the PSE in a JV with the private entity shall be indicated in the
proposal.
(v)
Valuation of assets being contributed by the PSEs has been carried out
diligently and has the approval of the Board of Directors.
(vi) The total Resource Commitment (Financial) have been assessed and have the
approval of the Board of Directors as may be applicable.
(vii) The implications of any actions which may give rise to potential liabilities,
such as providing guarantees or warranties, or indemnifying the new company
against any risks. An assessment of potential operating losses and the possible
liability of the PSE to fund or support such losses;
(viii) Formulation of exit provisions and assessment of the possible recourse it
would have for recovery of its investment in case the JV is unsuccessful.
19
ॢबहर गजट
[सधरण 1 नव बर 22
(ix) Assessment of the liability and accountability of the public sector entity and
the Government directors on the Board of the JV due to any lapses or failures
of JV; and
(x)
Whether the possibilities of any undue advantage or vitiating of the
government Procurement Process have been evaluated and eliminated;
5.10. Proposals for formation of a JV should be appraised and evaluated having regard to
the issues raised above. Where an exception is to be made, approval of the
competent authority should be obtained in accordance with extant procedures.
6. Accountability of Public Sector entity.—A JV would be seen in the public eye as a
partnership between the PSE and Private Partner. Any lapses or failures of JV would expose
the PSE to legitimate criticism even though the JV is managed and controlled by the private
partner. Moreover, even the Government Directors on the Board of the JV would be liable and
accountable for certain actions and decisions of the JV. These aspects should receive due
consideration while evaluating a proposal to form a JV. The following shall be the underlying
guiding Principles for such evaluations:
(i)
The PSE shall not bear any financial liabilities beyond the equity committed. The
PSE shall invest in proportion to the equity investment made by the Private
Partner.
(ii)
Any time or cost overrun on the delay in construction or completion of the project
shall be met by the Private Partner.
(iii) The PSE shall not be a party to any legal dispute arising out of any commercial
action of the JV and the PP shall be fully responsible to settle such disputes
subject to limitations of 6 (i) above.
7. Shareholding in a JV.—
7.1. The share of the public sector entity in a JV could be in any proportion, subject to the
condition that the total of all shares of all PSEs in the JV will not be more than 49%
share under any circumstances.
7.2. The share of PSE will be kept at 49% or less so as to enable the JV to function as a
private company with greater commercial freedom. However, this implies that though
the public exchequer would contribute to the equity of such an enterprise, it would
hardly exercise control over its functioning. It should be borne in mind that private
Partner would find such a JV to be more attractive as it would provide them with
government funds and support without any undue interference as noted above. It could
also give them an undue advantage in government procurement as a JV would often be
perceived to be a government or semi-government company. Such possibilities of
undue advantage or vitiating of the government procurement process should be
identified and eliminated in case a JV is proposed to be formed.
7.3. Since, the share of PSE is 49 per cent or less, the JV is a private sector company. Such
a JV must, therefore, be treated at par with other private companies.
8. Other assistance to JVs.—
8.1. The concerned PSE shall be responsible for ensuring that all the necessary approvals,
licenses, clearances etc. as applicable to the JV are obtained on time.
8.2. A PSE should not encourage or advise other PSEs or external agencies to contribute to
the resources of such JVs or to procure any goods or services from the JVs. In other
words, the PSE should treat the JV like any other private entity operating in the State
and ensure that it functions on a level playing field without getting any undue
advantage on account of its partnership with the public sector entity.
9. Chairpersons of JVs.—
9.1. In the case of JVs, Senior Government officials are often invited to function as
Chairpersons of their Board of Directors. This can lead to situations wherein:
(i)
Government officials function as chairpersons of the Boards of private
companies, thus creating a perception that the JV is a Government Company;
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(ii)
The Private Partner may derive unintended benefits arising from the perception
that it is an entity promoted and supported by the government; and
(iii)
Such an entity would be allowed to get business from the Department whose
Principal Secretary/Secretary or Additional/Joint Secretary is its chairperson,
thus leading to a potential conflict of interest.
9.2. Under no circumstances, Government Officials should become Chairpersons or hold
other offices in a JV unless otherwise prescribed as per the agreement while forming
the JV. In case of retired Government Officials, their respective Service Conditions
shall be in operation.
10. Valuation of assets.—
10.1. Where the PSE’s contribution to a JV is in terms of assets, the valuation of assets
should be carried out diligently and reflected appropriately. The public sector needs to
ensure that its equity share properly reflects the value of the assets which it
contributes. The valuation of all assets should be approved by the Board of Directors
as may be applicable.
10.2. In order to make a fair assessment of the potential value of the proposed JV, its
projected revenue streams and business model should be assessed prior to the
selection of the private partner. Further, the resource requirements, including funds,
assets and staff, need to be considered at the outset. The total resource commitment
should have the approval of the Board of Directors.
10.3. The value of shares at the time of disinvestment shall be calculated on the basis of
highest of the following options :
(a) Market value of shares at the time of disinvestment.
(b) The price at which the shares were subscribed plus the portion of reserves and
surplus in ratio of shares held on the date of disinvestment.
(c) While evaluating the assets, the investments made by JV in form of debt and
equity shall also be taken into account.
(d) The value at which they were subscribed plus interest calculated on the basis
of Bank Rate + 2% compounded annually. The bank rate shall be as on 1st
January of the year of investment.
10.4. The investment of the Government shall be fully protected and at the time of signing
the agreement it shall be clearly mentioned that the investment of the government
shall be kept secure and shall be kept away from the liquidation proceedings and that
any change in ownership due to bankruptcy, the new owners and the committee of
creditors shall ensure return of government investment.
11. Contingent liabilities.—
11.1. The PSE should be fully aware of the risks and responsibilities it is undertaking by
entering into the JV. It needs to consider carefully the implications of providing
guarantees or warranties or indemnifying the new company against any risks. Actions
which may give rise to any potential liabilities should be avoided.
11.2. A careful assessment of potential operating losses should be made and the liability, if
any, of the PSE to fund or support such losses must be clearly spelt out.
12. Exit and termination.—
12.1. All PSEs shall disinvest after 5 years from the commencement of commercial
production/operations. The disinvestment can also be partial annually leading to full
disinvestment at the end of 5 years. For example the PSE may decide to reduce its
stake by 20% every year leading to full disinvestment. In case industrial land is
taken as stake, the repayment of the value of the asset may be spread out over a
period of 5 years.
12.2. The process and modus of valuation of shares and assets at the end of the exit period
needs to be clearly defined. A brief description has been indicated in the policy at
Paragraph 10.
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12.3. The PSE will have to assess the possible recourse it would have to take for recovery
of its investment in case the JV is unsuccessful.
12.4. The exit provisions should also be formulated at the initial stage as per the
provisions of the Companies Act. Some of such scenarios that may demand an exit
are as below :
(i)
The project not getting completed and commercial production/operation not
getting started
(ii)
Private partner becomes Bankrupt
(iii) JV is not performing as envisaged in the aims and objects of the JV
(iv) Violation of terms and conditions by JV
(v)
Mutually want to terminate agreement
(vi) Disinvestment of original owners/change in ownership in the original
company
(vii) The JV goes for disinvestment through an IPO
Detailed procedure for exit in the above scenarios may be notified by the
Department of Industries, Government of Bihar in consultation with the SPSIPB.
Safeguards to the scenarios mentioned in Para
12.4 shall be included in the agreement to be signed between the Private Partner and the
PSE before formation of the JV.
13. Arbitration and Legal Recourse.—
13.1. An agreement shall be signed between the Private Partner and the State PSE before
formation of the JV. This agreement shall form the basis of dispute resolution.
13.2. The Private Partner may raise issue of dispute before the SPSIPB which shall
deliberate upon the issue of dispute raised and decide on the matter.
13.3. In case the SPSIPB fails to resolve the dispute the same shall be decided as per the
provisions of the Arbitration and Conciliation Act, 1996.
By the order of the Governor of Bihar,
Dr. S. Siddharth,
Principal Secretary.
————
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