India is likely to put on hold the sale of state-owned helicopter service pro member of the winning consortium, Star9 Mobility, has received an adverse court order.
This is the second instance after the privatisation of Central Electronics (CEL) where disinvestment is being put on hold after completing the process over allegations against the winning bidder.
It has come to light that Almas Global Opportunity Fund - a Cayman Islands-based fund managed by Dubai-based Almas Capital that holds 49 per cent stake in Star9 Mobility — is under the scanner as it has been prosecuted by the National Company Law Tribunal (NCLT).
This was in relation to the non-payment of the requisite money that put the insolvency process of a Kolkata-based power transmission company, EMC, in jeopardy despite being declared the successful bidder.
The Kolkata bench of the NCLT on April 20 ordered that action be taken against the management of Almas Global Opportunity Fund under Section 74 (3) of the Insolvency and Bankruptcy Code, under which officials of a successful bidder can be imprisoned for a maximum of five years, and can be fined up to ₹1 crore.
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