Which of the following statements is/are correct about the disinvestment policy in India?

1. While pursuing disinvestment, the Government should have management control of the Public Sector Undertakings and holding at least 51% equity.
2. The Department of Expenditure identifies CPSEs and submit proposal to Government in cases requiring Offer for Sale of Government equity.
3. The listed profitable Central Public Sector Enterprises not meeting mandatory shareholding of 12% are divested by the CPSEs through issue of fresh shares.

Statement 1 is correct. The salient features of the disinvestment policy in India are: (i) Citizens have every right to own part of the shares of Public Sector Undertakings. (ii) Public Sector Undertakings are the wealth of the Nation and this wealth should rest in the hands of the people. (iii) While pursuing disinvestment, Government has to retain majority shareholding, i.e. at least 51% and management control of the Public Sector Undertakings. Statement 2 is wrong because the department of disinvestment is to identify CPSEs in consultation with respective administrative Ministries and submit proposal to Government in cases requiring Offer for Sale of Government equity. Statement 3 is wrong. The already listed profitable CPSEs (not meeting mandatory shareholding of 10%) are to be made compliant by 'Offer for Sale' by Government or by the CPSEs through issue of fresh shares or a combination of both, though it has to reach 25% of public shareholding.