Government will not go ahead with Pawan Hans selloff for now

NEW DELHI: The Centre will not proceed with the privatisation of Pawan Hans Helicopters Ltd (PHHL) for now as the financial arm of the winning consortium — Almas Global Opportunity Fund SPC — got an adverse order from the NCLT recently.
A bench had ordered action against Almas for not providing funds under the bankruptcy law to a Kolkata firm. A company facing conviction has to be disqualified according to rules. This is the second privatisation transaction which has been engulfed by controversy.
Earlier, the government had put on hold the sale of Central Electronics Ltd (CEL) to Nandal Finance and Leasing. The Cabinet Committee on Economic Affairs (CCEA) empowered Alternative Mechanism (AM) had approved the sale to the company for Rs 210 crore. The employees’ union had moved court alleging under valuation and the issue is being examined by the government.