Torrent Power says Bombay HC suspends tenders for discom privatisation where co emerged winner
The Bombay High Court has suspended until April 30 the tender process for the privatisation of the power distribution company for the Union Territories of Dadra and Nagar Haveli, and Daman and Diu, where Ahmedabad-headquartered Torrent Power NSE -2.47 % had emerged as the best bidder.
On February 20, Torrent Power had announced that it was the highest bidder for the sale of 51% stake in the discom for the UTs which had an annual revenue of Rs 4,500 crore.
Subsequently, a petitioner filed a public interest litigation (PIL) alleging that the distribution company, 51% shares of which can be purchased, does not exist. The petitioner alleged that despite the relevant electricity department not incurring any loss, there was an attempt to transfer 51% shares of a company which had yet to be incorporated.
