January 17, 2018

We Do Not Need Some One Else's Wealth

" Custodian of Enemy Property " ( Pakistan ) Shareholders of Indian Companies
After the division of the country many share holders became citizens of Pakistan. After 1965 the share holdings of Pakistan based share holders were " frozen " and a Government department " Custodian of Enemy Properties " was created to handle these shareholdings .
Some of the Pre 1947 companies :-

WIPRO ( then known as Western India Products Limited )

Tata Steel ( Tata Iron and Steel Co. Ltd or TISCO )

Binani Metal Limited of Braj Binani Group ( Earlier Multimetal etc ) Holding Company of Binani Industries Binani Zinc etc

PNB Finance And Industries Limited ( then The Punjab National Bank Limited )

Bharat Nidhi Limited ( then Bharat Bank Limited )

Sukhjit Starch And Chemicals Ltd . ( Phagwara )

and many more.

There is no useful purpose being served to keep these shares " frozen ". ( Only the promoters stand to gain with no benefit to common investors ).

The descendants of original holders in Pakistan should be allowed to trade in these shares. For this purpose a branch office of BSE / NSE should be opened in Pakistan or a neutral country like Dubai.

( We feel very proud to recount that after partition , Prime Minister Liaqat Ali Khan of newly created Pakistan had invited MH Premji father of Azim Premji ( of WIPRO ) to come to Pakistan where he was offered the post of Finance Minister of Pakistan . Well ,the senior Premji refused saying that he would not leave his Motherland India )

1 comment:

Ashwani Kumar Aggarwal said...

Great Indians like Munjals and Sunil Bharti Mittal have created more wealth for India than total assets Pakistan nationals may have left in India.