CEL is another instance where it is proven that this Govt is run by Babus with outside help from the BJP
Rattled by controversies, the Central Government informed Delhi High Court that the disinvestment of Public Sector Undertaking Central Electronics Limited (CEL) is put on hold and is examining the illegalities in the bidding process. The controversy started when a little-known company Nandal Leasing and Finance Private Limited won the bid for Rs.210 crore and when the employees union approached the Delhi High Court, the government as a face-saving exercise decided to put a brake on the selling of the PSU.
The employees union accused that only two bidders were presented for the deal and the winner Nandal Leasing and second bidder JPM Industries were interlinked companies. The petition filed by the employees union through Advocates Vivek Chib and Satya Sabharwal demanded a CBI probe into the illegal and dubious sale of the public sector company Central Electronics Limited.
On February 21, before then Bench of Justice V Kameswar Rao, the Central Government said: “One of the issues raised in the said representations, as also in the Application, is that the two bidders viz. Nandal and JPM Industries are interrelated. This allegation is currently being examined by the Government and as a matter of abundant precaution, the Letter of Intent (LoI) has not been issued in favor of the successful bidder as per the usual procedure and has been put on hold.” The next hearing by clubbing all other petitions in this regard is posted for July 11.
The JPM Industries quoted Rs.190 crore and the winner was little known company Nandal Finance and Leasing Private Limited which quoted Rs.210 crore. Here the big question is how a leasing finance sector company was allowed to bid for the takeover (sale of 100% shares) of the PSU Central Electronics Limited.
Central Electronics Limited was incorporated in 1974 under the Ministry of Science and Technology and is a pioneer in the field of Solar PhotoVoltaic and has a good Research and Development system. The CEL also developed axle counter systems, used in the railway signaling systems.[1]
Reference:
[1] Govt puts brakes on Central Electronics Ltd (CEL) privatization after employees union approaches Delhi High Court – Jan 12, 2022, PGurus.com
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