Government canceled the disinvestment of Pawan Hans, told this reason

The government was planning to sell Pawan Hans for Rs 211.40 crore. The government holds 51 percent and ONGC holds 49 percent in Pawan Hans.

The disinvestment of helicopter service provider Pawan Hans has suffered a major setback. The government itself has withdrawn the decision to sell it. The matter is such that NCLT case is pending on a company of the consortium which bought the government's stake in Pawan Hans. When the government came to know about this matter, it had to take this decision. The government was planning to sell Pawan Hans for Rs 211.40 crore. The government holds 51 percent and ONGC holds 49 percent in Pawan Hans. The government was going to sell its 100 per cent stake. The government has so far tried 4 times unsuccessfully to sell it.

Why the process had to be canceled

In fact, three companies are involved in Star 9 Mobility bidding to buy the government's stake in Pawan Hans. This consortium includes companies like Big Charter Private Limited, Maharaja Aviation Private Limited and Almas Global Opportunity Fund SPC. Case is going on in NCLT against Almas Global Opportunities Fund SPC Company. When this matter came to the fore, the government canceled the process midway.

What information was given by Deepam

According to a statement from Deepam on Monday, after examining the orders from NCLT and NCLAT, it has been decided to disqualify Star 9 Mobility Consortium, the highest bidder for Pawan Hans, from the disinvestment process. According to DIPAM, the disinvestment process is canceled as soon as the consortium is disqualified. After coming to know of this whole matter, a show cause notice was sent to Star 9 Mobility. After getting the reply of Star 9 Mobility, it has been decided to cancel this process. Significantly, the government has made four unsuccessful attempts to sell Pawan Hans since 2016. The government had approved Star9 Mobility as the successful bidder for sale of its 100 per cent equity in Pawan Hans on April 29, 2022.

NCLAT also dismissed the petition

After adverse order of NCLT, LOI was not issued in favor of Star9 Mobility. The member of the consortium filed an appeal against the order of NCLT before the National Company Law Appellate Tribunal (NCLAT), (Principal Bench at New Delhi). The NCLAT dismissed the appeal and upheld the original order of the NCLT and directed that the order of the NCLT be considered by the Ministry of Corporate Affairs and To be sent to the Insolvency Regulator, IBBI.