Centre may drop CEL sale amid ongoing money laundering case against bidder

A case is pending against Nandal Finance at NCLAT; RoC has also filed a winding-up petition against the firm

The Central government may drop the current sale process of Central Electronics Ltd amid a pending case filed by the Registrar of Companies (RoC) against Nandal Finance and Leasing, the winning bidder of the firm, over an alleged case of money laundering.

The case, which is pending against Nandal Finance at the National Company Law Appellate Tribunal (NCLAT), involves serious allegations of money laundering filed by the Serious Fraud Investigation Office (SFIO). The RoC has filed a winding-up petition against the firm.

These allegations and the pending litigation may prevent the sale of CEL to Nandal Finance, an official said.