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Govt pauses CEL privatization after employees union goes to court
Source PTI (opens in a new tab)
The government has put on hold the privatization of Central Electronics Ltd (CEL) following the employees' union approaching the court against the sale of the company to a little-known firm. The government had in November approved the sale of CEL, under the Department of Scientific and Industrial Research (DSIR), to the highest bidder, Nandal Finance & Leasing, for INR 210 crore. The transaction was scheduled to be completed by March 2022.
But there were allegations of under-valuation. Following this, the CEL employee association approached the Delhi High Court against the privatization.