The indian tourism development corporation came in to existence in October 1966 has been the prime mover in the progressive development promotion and expansion are tourism in the country the autorized capital of the how will you classfy the above started under taking as a part of public sector enterprise
Answers
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The Cabinet Committee on Economic Affairs has approved the disinvestment of 5 percent paid-up equity capital in the India Tourism Development Corporation (ITDC), essentially to make the Central Public Sector Enterprises (CPSEs) compliant to the public shareholding norms under the Securities Contract (Regulation) Rules (SCRR). Under these rules every listed public sector company has to maintain a public shareholding of atleast 10 percent of the total paid up equity capital.
Background:
The ITDC came into existence in October 1966 and has been the prime mover in the progressive development, promotion and expansion of tourism in the country. The Corporation is running hotels and restaurants at various places for tourists, besides providing transport facilities. ITDC is a listed company with the Mumbai and Delhi Stock Exchanges. The issued and subscribed equity capital as on 31.03.2013 was Rs. 85.77 crore out of which the Government of India holds 92.11 percent of the equity.