POLITICS-Myth of Consensus

permission for sale of surplus land should be given expeditiously by state governments which would enable sick units in the large centres to be revived and modernised. The central government should agree to waive the capital gains tax on the sale proceeds of surplus assets of sick industrial companies. Fourth, banks should act much more speedily in implementing rehabilitation packages since by delaying they are placing their own funds in greater jeopardy. Fifth, certain amendments to the law are suggested, viz, change in definition of a sick unit by reducing the condition of seven years' registration to five years' and deletion of the two years' consecutive cash loss criterion; additional powers to BIFR to deal with companies whose net worth has been eroded to the extent of 50 per cent; empowering BIFR to issue directions to companies during the period when their cases are under consideration so that assets/shares are not sold without BIFR