ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Closing the Options in Steel

February 28, 1970 enter industries in Lists A and B) to enter List C industries if necessary. The new policy only reiterates this position. The new licensing policy has been backed up by subsidiary decisions on the other recommendations of the Dutt Committee. Government has now accepted that past loans by public sector finance institutions would not be eligible for (arbitrary, non-contractual) conversion into equity. On the other hand, finance institutions will have the right to convert loans granted in fu ture into equity; the Banking Department has been empowered to frame rules for the purpose.

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