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In October 1997, the Government decided to grant enhanced autonomy and delegation of financial powers to some other profit making companies (other than the
Navratnas) subject to certain eligibility conditions and guidelines to make them efficient and competitive. These categories were Category I and Category II
i. Category I CPSEs should have made profit in the last three years continuously, the pre-tax profit should have been 30 crore or more in at least one of the
three years and should have a positive net worth.
ii. Category II CPSEs should have made profit for the last three years continuously and should have a positive net worth.
These CPSEs have enhanced delegated powers provided they meet the following eligibility conditions and criteria:
i. They have not defaulted in the repayment of loans/interest payment on any loans due to the Government
ii. These public sector enterprises shall not depend upon budgetary support or Government guarantee.
iii. The Boards of these CPSEs should be restructured by inducting at least three non-official Directors as the first step before the exercise of enhanced delegation
of authority.
iv. The administrative ministry concerned shall decide whether a public sector enterprise fulfilled the requirements of a category I/category II company before the
exercise of enhanced powers.
Category I CPSEs
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Category II CPSEs
The delegation of decision making authority available at present to the Boards of these Miniratna CPSEs is as follows:
i. Capital Expenditure
1. CPSEs Category I: The power to incur capital expenditure on new projects, modernisation, purchase of equipment etc., without Government approval upto
500 crore or equal to net worth, whichever is less.
2. CPSEs Category II: The power to incur capital expenditure on new projects, modernisation, purchase of equipment etc., without Government approval upto
250 crore or equal to 50 % of the net worth, whichever is less.
The above delegation of powers is subject to similar conditions as are applicable to Navratna CPSEs.
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