Minister of Petroleum and Natural Gas, Ram Naik while replying to the debate on sale of Govt. Share in Gas Authority of India Ltd. (GAIL) in GDR market in November ’99, said in the Parliament on 8. 12. 99 "67 percent is the present investment of the Govt. The other investors are LIC and other Financial Institutions. They are all Indian Financial investors."

The minister misled the Parliament with impunity. As per GAIL’s available records the present share holding of this blue chip Rs. 1000/- million profit earning company is: - Govt. Of India - 67%, Indian Fis and others 6%, IOC & ONGC - 10% and Foreign Institutional Investors including Enron & British Gas - 17%.

After selling shares of one of the country’s best run companies at a shamefully and indefensibly low price, the minister has now misled the Parliament in order to hide the fact that the shoddy deal was done to facilitate entry of foreign competitors of GAIL viz. Enron & British Gas through back door.

It is not the Parliament but the Country is being taken for a ride by this ‘Swadeshi" Govt.

3rd January, 2000.