Sale of Pawan Hans put on hold: Concerns after NCLT slams winning bidder

The Centre has put on hold the sale of Pawan Hans (PHL), taking into consideration a recent NCLT-Kolkata ruling against Almas Global Opportunity Fund, the lead partner in the consortium that won the bid for the state-run helicopter firm.

This is the second instance in a span of five months where disinvestment in a state-run firm has been halted after the winning bidder was named by the government. In January this year, the sale of Central Electronics (CEL) to Delhi-based Nandal Finance and Leasing was stalled following allegations of undervaluation of the firm by the employees’ association.