Pawan Hans: Privatization efforts have obtained a significant setback by means of the strategic disinvestment of helicopter service supplier Pawan Hans. The central authorities’s plan to denationalise it has fallen into disrepair. This is the third time when the federal government’s try to promote Pawan Hans has not been profitable, now the federal government has canceled its sale course of on Monday. Pawan Hans is a three way partnership between the federal government and the general public sector firm ONGC. In this, the federal government has 51 % stake whereas the remaining is with ONGC.

What was the rationale for canceling the sale course of?

The technique of promoting Pawan Hans got here to a halt as a result of Star 9 Mobility Pvt Ltd, an organization concerned within the consortium that made a profitable bid to purchase it, has been disqualified. On April 29, 2022, the federal government had declared Star-9 Mobility because the profitable bidder for promoting its 100 per cent stake in Pawan Hans. However, because of the opposite order of NCLT, the Letter of Intent (LOI) was not issued to Star-9 Mobility.

Work on the method of promoting Pawan Hans has been happening for a few years.

In December 2020, the federal government had invited expressions of curiosity (EoI) to promote ONGC’s stake along with its stake in Pawan Hans. On their foundation, in April 2022, it was determined to promote your complete stake of Pawan Hans to Star 9 Mobility Private Limited Consortium for Rs 211.40 crore. The consortium contains Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas Global Opportunities Fund SPC. However, in May, the sale course of was postponed after it got here to gentle that the matter was pending within the National Company Law Tribunal (NCLT) in opposition to the main associate of the consortium, Almas Global Opportunity.

Star9 Mobility declared ineligible – Pawan Hans sale course of canceled

The Department of Investment and Public Asset Management (DIPAM), which oversees the disinvestment course of, stated on Monday that the federal government has examined the hostile orders of the NCLT and the National Company Law Appellate Tribunal (NCLAT). After this, it has been determined to disqualify Star 9 Mobility, which made a profitable strategic bid for Pawan Hans, for the disinvestment course of. “With the disqualification of the successful bidder, the ongoing process for strategic disinvestment stands cancelled,” DIPAM stated in a press release.

A present trigger discover was additionally issued to Star 9 Mobility on this matter. After getting his reply, the federal government has determined to cancel this course of with the permission of different preparations. The different system contains the Minister for Road Transport and Highways, the Minister for Finance and the Minister for Civil Aviation.

There are many authorities orders in opposition to Star 9 Mobility’s associate agency

In truth, in April 2022, after the title of Star 9 Mobility surfaced because the profitable bidder, it was realized that the Kolkata bench of NCLT had handed an hostile order in opposition to its associate agency Almas. Later, Almas couldn’t get reduction even from NCLAT. The Insolvency and Bankruptcy Board of India (IBBI) had additionally filed a grievance in opposition to Almas in a particular courtroom. Keeping all these info in thoughts solely the profitable bidder agency was disqualified.

This third try to promote Pawan Hans additionally failed

This is the third failed try to promote Pawan Hans. For the primary time within the 12 months 2018, the federal government had invited tenders to promote 51 per cent stake in Pawan Hans, however this tender was withdrawn after ONGC additionally agreed to promote its 49 per cent stake. The second try was made within the 12 months 2019 however needed to be canceled on account of lack of favorable response from the traders.

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