M&A

M&A

Govt pauses CEL privatization after employees union goes to court

PTI  

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.