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Indian govt takes massive action against Pakistan, seizes ₹1150 cr property in India

In the latest development, the government sold enemy shares estimated at Rs 1,150 crore in IT major Wipro to Life Insurance Corporation and two other state-owned insurers. The Custodian of Enemy Property for India discharged more than 4.43 crore shares of the company at a price of Rs 258.90 each, as per block deal data available with stock exchange BSE.

Besides Life Insurance Corporation (LIC), General Insurance Corporation and The New India Assurance Corporation purchased the shares. At Rs 258.90 per share, the overall value of the stocks sold sums up nearly Rs 1,150 crore, according to the data that was available on the exchange on Thursday.

The proceeds would account to the government’s disinvestment fund and it has been learnt that more than 3.86 crore enemy shares were bought by LIC. Usually, the enemy property cites the assets left behind by people who migrated to Pakistan or China and are no longer Indian nationals.

The Custodian of Enemy Property for India is an institution of the central government which looks after enemy property and shares. In the last November, the government gave a green light to mechanism for sale of enemy shares in companies.

The sale would further assist in monetisation of movable enemy property lying inactive for decades and the proceeds would be further used for development and social welfare programmes, an official statement previously told in November 2018.

As per Enemy Property Act, 1968, “enemy property” means 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 statement said.

The Department of Investment and Public Asset Management has been given permission to sell the shares. The decision which is taken by the Union Cabinet, will lead to monetisation of movable enemy property lying dormant for decades and the proceeds will be used for development and social welfare programmes, an official statement said.

(With inputs from PTI)

Written by Sagar Abhinandan

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