The correct answer is C. Rangrajan. Explanation & Key Takeaways: Committee on Disinvestment in Public Sector Enterprises, 1993: • The Rangarajan Committee of 1993 was constituted by the government for making recommendations in the context of disinvestment. • The committee said that- • The units to be disinvested should be identified and disinvestment could be made up to any level, except in defence and atomic energy where the government should retain the majority holding in equity. • Disinvestment should be a transparent process duly protecting the right of the workers. • An autonomous body for the smooth functioning and monitoring of the disinvestment programme should be established. • This recommendation led to the Disinvestment Commission in 1996 as an advisory body having a full-time chairman and four part-time members. • The Commission was required to advise the government on the extent, made, timing and pricing of disinvestment. • It suggested four modes of disinvestment viz. Trade sale, Strategic Sale, Offer of shares and Closure or Sale of Assets.