According to sources, the government has placed the privatisation of Central Electronics Ltd (CEL) on hold after the employees union filed a lawsuit challenging the company's sale to a small corporation. Allegations of undervaluation in the city-based Nandal Finance & Leasing's Rs 210 crore highest bid are being investigated, according to Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM), which is overseeing the privatisation process.
According to Pandey, the Letter of Intent (LoI) for the sale of the government's whole stake in CEL to Nandal Finance & Leasing has not been granted because the claims are still being investigated.
The valuation of CEL has been done by two different sets of advisors -- transaction advisor and asset valuer as per prescribed valuation methodologies, said Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM), which is running the privatisation process along with DSIR.
Of many allegations made by the CEL employees union, one relates against the general disinvestment policy of the government. Another relates to the absence of sectoral experience criteria in the EoI.
The government approved the sale of CEL to Nandal Finance & Leasing for Rs 210 crore in November, under the Department of Scientific and Industrial Research (DSIR). By March 2022, the acquisition was expected to be finalised.
Central Electronics Limited is a government-owned corporation under the Department of Scientific and Industrial Research of the Ministry of Science and Technology (DSIR). It was established in 1974 with the objective of commercialising innovations developed by the country's national laboratories and research and development agencies. It is a pioneer in the field of Solar Photovoltaic (SPV) and it has developed the technology with its own R&D efforts.
🕑 28 Jun,22 11:53a.m.
HC rules against SBI officers claim for LTC for foreign travel
🕑 28 Jun,22 11:40a.m.
Railways enlarges scope of CUG mobile scheme to cover all employees
🕑 22 Jun,22 12:49p.m.
Govt readying OROP arrears for defence pensioners
🕑 21 Jun,22 4:53p.m.
Holidays to be observed in Central Government Offices during the year 2023
🕑 16 Jun,22 1:18p.m.
Central Govt Employees can now buy iPads with computer advance
🕑 16 Jun,22 1:08p.m.
iPad considered as personal computer for the grant of computer advance
🕑 14 Jun,22 5:14p.m.
Modi directs 10 lakh new central government postings in next one and half years
🕑 14 Jun,22 2:39p.m.
Government unveils radical armed forces recruitment plan - Agnipath
🕑 21 Jun,22 6p.m.
Fifteen benefits for 'Agniveers' after their retirement
🕑 08 Jun,22 9:29a.m.
Fact check: Is Centre doing away with NPS?
🕑 07 Jun,22 2:53p.m.
Britain testing 4-day workweek. Will India also go for similar option
🕑 01 Jun,22 3:16p.m.
Govt issues guidelines on monkeypox
🕑 26 May,22 3:03p.m.
Govt hikes motor insurance rates. Find how much you will have to pay
🕑 25 May,22 4:55p.m.
PAN, Aadhaar must for cash high value withdrawals/deposits from tomorrow
🕑 24 May,22 10:31a.m.
Govt warns SBI users to delete this message immediately or lose money
🕑 04 May,22 7:55p.m.
Amazon Summer Sale Offers: Up to 80% off + Savings
🕑 30 Apr,22 11:55p.m.
March AI CPI-IW up sharp 1 by point. Expected DA from July 2022 is 37%
🕑 30 Apr,22 11:04a.m.
Understanding Aykroyd formula, which the 8th Pay Commission might depend