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 (DIPAM), which is running the privatisation process. < ..
The Letter of Intent (LoI) for sale of 100 per cent government shareholding in CEL to Nandal Finance & Leasing has not been issued, as the allegations are being examined, Pandey told PTI.