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In a statement, the Department of Investment and Public Asset Management (DIPAM) said the government has examined the adverse orders of NCLT and NCLAT.
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Pawan Hans is sweating out its helicopters wherever possible but is also exploring leasing options for its ideal helicopters by tying up with private companies.
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"The Almas Global case is scheduled for hearing at the NCLAT this month. We want to give the bidder due opportunity to meet the eligibility criteria before taking a final call (on whether or not to proceed with Pawan Hans handover)," an official told PTI.
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The Centre cancelled the sale of Central Electronics Ltd last month after it discovered that legal proceedings against the successful bidder were pending before the National Company Law Appellate Tribunal.
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Almas Global Opportunity Fund, a majority stakeholder in Star9Mobility, has come under the scanner as it was earlier prosecuted by the National Company Law Tribunal.
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Last month, the government approved selling its 51 per cent stake in helicopter services provider Pawan Hans Ltd (PHL) along with the transfer of management control for Rs 211.14 crore to Star9 Mobility Private Ltd.
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The Finance Ministry on Friday said Star9 Mobility Pvt Ltd will buy the government’s 51 per cent stake in helicopter services provider Pawan Hans Ltd
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The government of India holds 51 percent stake in Pawan Hans while Oil and Natural Gas Corporation owns the other 49 percent. The oil marketing company has also decided to offer its entire shareholding to the successful bidder at the same price and terms as agreed by the government.
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The clarification comes against the backdrop of reports which claimed that the government has received bids from JSW Steel and Jindal Steel and Power Ltd to acquire the loss-making Pawan Hans.
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A group of officials headed by Cabinet Secretary Rajiv Gauba is meeting on Saturday to pick the winning bid, the people said, asking not to be identified as the matter is private. A final announcement will be made after the approval by a ministerial panel which is largely procedural, they said.
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The disinvestment process is in the final stages, with three financial bids received, an official said.
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This will be the fifth attempt to sell stake in the state-owned helicopter transportation service company.
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Speaking to Moneycontrol, DIPAM Secretary Tuhin Kanta Pandey was confident that his department will be able to privatize a number of PSUs including BEML, Shipping Corp, NINL, Pawan Hans, CEL and BPCL before March 31, 2022.
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"There is a very big privatization agenda and that would mean that apart from NCLT, there will be a lot of assets on offer which will come from the public sector," Tuhin Kanta Pandey said.
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After multiple failed attempts, the Department of Investment and Public Asset Management (DIPAM) had in December invited bids for strategic sale, along with transfer of management control, of helicopter service provider Pawan Hans.
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The Cabinet had in November last year gave in-principle approval for strategic divestment of Shipping Corp and Container Corp of India Ltd. However, the plans were delayed due to the pandemic.
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The terms of the proposed privatisation remain largely unchanged from the previous attempt. The government of India and ONGC Ltd will sell their entire stake in the unlisted company. ONGC holds a 49 per cent stake in Pawan Hans, with the rest being held by the centre.
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In an exclusive interview, DIPAM Secretary Tuhin Kanta Pandey says plans for FY21 include IPOs of RailTel, IRFC Ltd and WAPCOS Ltd. and the privatisation of Nilanchal Ispat Nigam Ltd plant in Odisha, and the Salem and Bhadravathi steel plants of SAIL Ltd. Pandey also said the government is trying its best to complete the privatisation of Shipping Corp, Concor Ltd, Bharat Earth Movers Ltd and Central Electronics Ltd before March 31, 2021.
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As per Sushant Singh Rajput's spokesperson, the actor's last rites will be performed after his father reaches Mumbai from Patna.
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Airbus Helicopters had signed a Memorandum of Understanding (MoU) with Pawan Hans Limited in Paris in June for collaboration in introducing two new categories of its helicopters - H145 and H225 - in the national company's fleet in the future.
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As per the revised terms of sale proposed by the government, the successful bidder would be required to retain all permanent employees for a period of at least one year, as against two years stipulated earlier.
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This is the third time in last 16 months, the government has sought to attract a buyer for Pawan Hans, which is estimated to have posted the loss to the tune of Rs 72.42 crore in the previous fiscal.
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Pawan Hans will defer salaries of employees for April until 60 percent of its outstanding dues are recovered, except for those employees who are directly involved in the production
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The government holds 51 percent stake in helicopter service provider Pawan Hans, and the remaining 49 percent is with ONGC. Investors had time till March 6 to put in their financial bids for up to 100 percent stake in Pawan Hans.
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The Alternative Mechanism (AM) on strategic disinvestment was set up in 2017 and consists of the finance minister, the road transport and highways minister and the minister representing respective administrative department.
