Abstract
The establishment of a public sector enterprise in India is based on socialist philosophy, and socialist philosophy believes in the role of government as an agent for change and entrepreneurial function. A more practical definition of public enterprise is given by Friedmann, (1954) a well‐known jurist. He termed public enterprise as an institution operating a service of an economic or social character on behalf of the government but as an independent legal entity, largely autonomous in its management, though responsible to the public through government and parliament and subject to some direction by the government, equipped on the other hand with independent and separate fund of its own and the legal and commercial attributes of a commercial enterprise.
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