Monday, 19 August 2019 10:23 GMT
img

India- Under Public Procurement Policy, SC/ ST owned Public Limited Co should have at least 51% share held by SC/ ST Entrepreneurs at any given point of time




(MENAFN - KNN India) Under Public Procurement Policy, SC/ ST owned Public Limited Co should have at least 51% share held by SC/ ST Entrepreneurs at any given point of time

New Delhi, July 30 (KNN) The Public Procurement Division of DC Office of Micro, Small and Medium Enterprises (DC-MSME) has said that according to the definition of SC/ ST owned Public Limited Companies, at least 51 per cent share shall be held by SC/ ST Entrepreneurs at any given point of time.

In an office memorandum, DC MSME said, 'In continuation to press release dated June 25, 2013, the definition of SC/ST owned Public Limited Companies … at least 51 % share shall be held by SC/ST entrepreneurs at any given point of time.

This, however, issues with the approval of the Minister (MSME), the office memorandum said.

In a press release on June 25, 2013, the Ministry of Micro, Small and Medium Enterprises (MoMSME) had said The Government introduced Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012 which is notified under MSMED Act 2006.

The current Public Procurement Policy mandates every Central Ministries/Departments/CPSUs to set an annual goal for procurement of 25 per cent from the MSE sector.

The Policy also earmarks 4% share out of this 25% Procurement from MSEs owned by SC/ST entrepreneurs. Overall procurement goal of minimum 25%, which earlier was 20%, has become mandatory from 1st April 2015.

Under the provision of para 16 of the Public Procurement Policy, the Office Memorandum made an addition to the below criteria:

   --- a. In case of proprietary MSE, proprietor(s) shall be SC/ST.

   --- b. In case of partnership MSE, the SC/ST partners shall be holding at least 51% shares in the unit.

   --- c. In case of Private Limited companies, at least 51% share shall be held by SC/ST promoters.

 

The office Memorandum added: In case of Public Limited Companies, at least 51 per cent share shall be held by SC/ ST Entrepreneurs at any given point of time. (KNN Bureau)

MENAFN3007201901550000ID1098823519


India- Under Public Procurement Policy, SC/ ST owned Public Limited Co should have at least 51% share held by SC/ ST Entrepreneurs at any given point of time

Authors_Square_PromoteArticle_Ink2019

  Most popular stories  

Day | Week | Month