CEL divestment hits roadblock as staff union goes to court

The Letter of Intent for sale of 100 pc government shareholding in CEL to Nandal Finance & Leasing has not been issued, as the allegations are being examined.

migrator

Updated:13th Jan, 2022 at 12:55 AM

New Delhi

The government has put on hold the privatisation of Central Electronics Ltd (CEL) after the employees union approached the court against the sale of the company to a little-known firm, a top official said Wednesday.

Allegations of under-valuation in the Rs 210 crore highest bid made by the city-based Nandal Finance & Leasing are being examined, said Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management, which is running the privatisation process.

The Letter of Intent for sale of 100 pc government shareholding in CEL to Nandal Finance & Leasing has not been issued, as the allegations are being examined.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android

CEL divestment hits roadblock as staff union goes to court

The Letter of Intent for sale of 100 pc government shareholding in CEL to Nandal Finance &amp; Leasing has not been issued, as the allegations are being examined.

Also Read

Avoid destination weddings abroad, opt for online school classes: PM continues austerity push

JCD Prabhakar set to become next Assembly Speaker

GCC opens quarantine centre for rabid, aggressive stray dogs

'Flasha' lounge yet to become reality at Chennai airport

Children Against Tobacco conducts training for youngsters on May 16

The Letter of Intent for sale of 100 pc government shareholding in CEL to Nandal Finance & Leasing has not been issued, as the allegations are being examined.