India to sell more than US$400 million worth of ‘enemy shares’ left behind by people who fled following conflicts with Pakistan and China
- The shares were seized after conflicts with Pakistan in 1947, 1965 and 1971 and the 1962 border war with China
- Citizens of hostile countries were treated as ‘enemies’ and their assets including land, houses, jewellery and shares were seized
India’s government is to sell more than US$400 million worth of shares left behind by people who fled to Pakistan or China after wars with those countries.
The government said the “enemy shares” were in 996 companies held by 20,323 people and entities. They were seized after conflicts with Pakistan in 1947, 1965 and 1971 and the 1962 border war with China.
The sale, to be led by India’s finance minister, is expected to raise at least US$413 million, a minister said after the government announcement late on Thursday.
The proceeds will be used for development and social welfare programmes, the government added.
The shares are being sold under a 1968 law which defined as “enemy assets” those belonging to people who left India following the conflicts with Pakistan and China.
