32 C
Guwahati
Sunday, July 21, 2024

Govt calls off strategic sale of Pawan Hans as winning bidder disqualified

- Advertisement -
- Advertisement -

 

NEW DELHI, July 3 (PTI): The government on Monday decided to call off the strategic disinvestment of Pawan Hans as the successful bidding consortium Star9 Mobility Pvt Ltd was disqualified in view of pending legal cases.

- Advertisement -

Pawan Hans is a 51:49 joint venture of the government and ONGC.

The government had in April last year decided to sell the helicopter service provider for Rs 211.14 crore to Star9 Mobility Pvt Ltd — a consortium of Big Charter Private Ltd, Maharaja Aviation Private Ltd and Almas Global Opportunity Fund SPC.

However, in May the sale process was put on hold after it came to light that the lead member of the winning bidder consortium — Almas Global Opportunity Fund SPC — has a case pending against it at the National Company Law Tribunal (NCLT).

In a statement, the Department of Investment and Public Asset Management (DIPAM) on Monday said the government has examined the adverse orders of NCLT and NCLAT.

- Advertisement -

“After careful consideration of the response of the successful bidder to the show cause notice, with the approval of alternative mechanism …the government has decided that successful bidding consortium M/s Star 9 Mobility Pvt Ltd is disqualified from the process of strategic disinvestment of Pawan Hans Ltd… Further, the current EoI process for strategic disinvestment stands annulled,” the DIPAM said.

Alternative Mechanism comprises minister of Road Transport & Highways, minister of Finance and minister of Civil Aviation.

- Advertisement -
The Hills Times
The Hills Timeshttp://www.thehillstimes.in
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
7 Beautiful Indian Birds Flowers Which Bloom Only At Night Top 10 Most Dangerous Animals in India Foods That Increase Uric Acid Levels 9 Exotic Summer Vacation Destinations In India