NCLT ruling in way, so Govt takes another look at sale of Pawan Hans

The Centre is taking a relook at the Pawan Hans disinvestment process on account that Almas Global Opportunity Fund, one of the three entities part of the winning consortium, has a court order passed against it by the National Company Law Tribunal (NCLT), government sources told The Indian Express. The government is studying whether the NCLT verdict amounts to an “adverse order” — something that may lead to disqualification of the bid, as per guidelines on strategic disinvestment.

The consortium entity that placed and won the bid for the state-owned helicopter service provider is Star9 Mobility Pvt Ltd. Cayman Islands-based Almas Global Opportunity Fund, which is managed by Dubai-based Almas Capital owns 49% of Star9 Mobility,