DIPAM terminates sale of 100% govt stake in CEL

The Department of Investment and Public Asset Management (DIPAM) has terminated the divestment process for Central Electronics (CEL) and disqualified the successful bidder Nandlal Finance and Leasing. It stated that CEL did not disclose an ongoing proceeding in National Company Law Appellate Tribunal against itself, leading to disqualification of its bid under applicable provisions of Preliminary Information Memorandum (PIM) and Request for Proposal (RFP). In November 2021, the Centre had approved sale of its 100 per cent stake in CEL to Nandal Finance and Leasing for Rs.2.1 billion.

References
1. https://economictimes.indiatimes.com/news/economy/finance/govt-scraps-cel-strategic-sale-over-non-disclosure-of-pending-legal-case-against-winning-bidder/articleshow/94516364.cms