Govt puts Pawan Hans sale on hold over NCLT order against winning consortium member

The government has put on hold the sale of Pawan Hans as it is legally examining an NCLT order against Almas Global, which is the biggest shareholder in the winning consortium, an official said on Monday.

Last month, the government selected M/s Star9 Mobility Pvt Ltd, a consortium of M/s Big Charter Private Ltd, M/s Maharaja Aviation Private Ltd and M/s Almas Global Opportunity Fund SPC, as the winning bidder for Pawan Hans.

While Big Charter and Maharaja Aviation own 26 per cent and 25 per cent, respectively, in the Special Purpose Vehicle (SPV) M/s Star9 Mobility Pvt Ltd, Almas Global Opportunity Fund SPC holds 49 per cent.

The official said the letter of award to the winning consortium has not been issued as legal views are being taken. “We will do a legal examination of NCLT order before proceeding further. Letter of Award has not been issued,” the official said.