New Delhi: The wait of seven public sector companies for inclusion in the elite 'Navratna' club seems to be an endless affair, with the meeting of a top body that will vet their case repeatedly getting postponed due to absence of compelling proposals.
The proposal of the seven companies have been put before the Apex Committee headed by the Cabinet Secretary more than four months back, during which several meetings were scheduled but none held.
Sources said one of the reasons for continuously deferring the meeting was that none of the companies seeking Navratna status qualify for such rank.
The PSUs that have applied for Navratna status include Power Finance Corporation, Rural Electrification Corporation, Power Grid, National Hydroelectric Corporation, BSNL, Nalco and Hindustan Aeronautics.
Sources said even the biggest company in the pack, BSNL, fails on many parameters for the coveted category.
They said though the revenues of the company could be the envy of many, but they don't measure up when it comes to other parameters like size. For Navratna status to a company, its various parameters are rated and based on that score they are admitted into the exclusive club of cash-rich companies.
The score of BSNL in the appraisal touched 50, whereas for getting into Navratna category the minimum score is 60.
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