Panel led by cabinet secy seeks more info on Central Electronics sale

Privatisation of state-owned firm held up after money laundering case against top bidder

A bureaucrats' panel headed by the Cabinet Secretary has sought more information before it decides whether state-owned Central Electronics should be handed over to the shortlisted bidder, Nandal Finance and Leasing.

The Core Group of Secretaries on Divestment (CGD) is learnt to have sought details from the inter-ministerial group (IMG), which is co-chaired by Secretary, Department of Investment and Public Asset Management (DIPAM) and Secretary of the administrative department, about a pending case against Nandal Finance at the National Company Law Appellate Tribunal (NCLAT).

The Registrar of Companies (RoC) has filed a case against Nandal Finance over alleged money laundering.