India to sell ‘enemy shares’ of people who fled to Pakistan

NEW DELHI: India’s government is to sell more than $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 $413 million, a minister said after the government announcement late on Thursday. The proceeds would 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. Citizens of hostile countries were treated as "enemies" and their assets including land, houses, jewellery and shares were seized.