(a) whether TATA has signed Computer Maintenance Corporations pact with the Government;
(b) if so, the details thereof; and
(c) the role of the Government in CMC management?
(a) whether TATA has signed Computer Maintenance Corporations pact with the Government;
(b) if so, the details thereof; and
(c) the role of the Government in CMC management?
MINISTER OF PARLIAMENTARY AFFAIRS, INFORMATION TECHNOLOGYAND COMMUNICATIONS(SHRI PRAMOD MAHAJAN)
(a): Yes, Sir.
(b) and (c): Government, which was holding 83.31% of the total issued and paid-up share capital in CMC Ltd., has disinvested 51% of its holding to M/s Tata Sons as per the disinvestment policy for a sum of Rs.152 crores (16.69% of Government holding was earlier disinvested in 1992). The revised structure of equity in CMC Ltd. is : Tata Sons - 51%, Government of India - 26%, Employees (ESPS) - 6.31% and GIC/Public - 16.69%. Accordingly, the Share Holders Agreement was signed between the Government and Tata Sons on 16.10.2001 and the management control of the Company now rests with the strategic partner. In the new set- up, Government has the right to nominate two non-executive/non- retiring Directors on the Board.