The government on Monday decided to call off the strategic divestment of Pawan Hans as the successful bidding consortium Star9 Mobility Pvt Ltd was disqualified in view of pending legal cases.
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.
“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.
For all the latest business News Click Here
