deficit it is a conscious decision on part of the government to delink disinvestment proceeds from the fiscal deficit the fact however remains that the finance ministers projection on fiscal deficit is largely based on disinvestment proceeds its not correct only a small portion of fiscal deficit is related to the disinvestment proceeds landlease agreements with state governments has been an issue with balco and is also creating problem for itdc hotels shouldnt these issues be tackled before the selloff disinvestment perse is a complex process and we have to deal with many emerging issues for instance in the case of itdc i did not know that lease agreements with the state governments were not in order however arrangements are now being charted out with the states in some cases states want a part of the disinvestment proceeds while others wanted to do the transaction themselves in case of itdc hotel at pondicherry spread over 60 acre land the state wanted 30 acre of land for developing health resorts what about the ticklish issue of certain bidders who have been chargesheeted by sebi and other institutions our department has given comments on regulatory aspects for chargesheeted firms cabinet will take decisions regarding these issues we have taken this occasion to formulate two sets of guidelines one for the advisors and one for the bidding firms the department has recommended that even a sister firm of an advisor indicted by a regulatory authority will be debarred from participating in the process however a group firm of the indicted bidder if it is a separate legal entity will be allowed to participate in the process dont you think that a possible emergence of a single bidder in air india will undermine the bidding process in case of airindia initial bidders like swiss air deltaair france quantas emirates pulled out due to individual reasons my department has nothing to do about this its true that participation of cashrich companies will add value to bidding process i had in fact pleaded with ambanis to take part in the bidding of air india but they said that aviation did not fall in their core business what about the smaller psus many of these smaller enterprises had to be returned to the department of heavy industries dhi as we could not find any buyers now the dhi has to decide on whether these have to be closed down or be kept alive on artificial respiration