Government sells Rs 1,150 crore worth enemy shares in Wipro

Government sells Rs 1,150 crore worth enemy shares in Wipro

• The Government of India has sold enemy shares worth around Rs 1,150 crore in IT major Wipro to Life Insurance Corporation, General Insurance Corporation and The New India Assurance Corporation.

• The Custodian of Enemy Property for India is an entity of the central government which looks after enemy property and shares.

• In November 2018, GOI had approved a mechanism for sale of enemy shares in companies.

• According to Enemy Property Act, 1968, “enemy property” refers to any property belonging to, held or managed on behalf of an enemy, an enemy subject or an enemy firm.

• Sale proceeds are to be deposited as disinvestment proceeds in the government account maintained by the Ministry of Finance.

• The Department of Investment and Public Asset Management has been authorised to sell the shares.

Points to remember:

1. What amount of Enemy shares of Wipro did govt sell to LIC, GIC and NIAC?
2. Which entity looks after enemy property and shares.?- Custodian of Enemy Property for India
3. Which department has been authorised to sell the enemy shares?