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HomeBusinessGovernment should stop disinvestment of CEL: Congress

Government should stop disinvestment of CEL: Congress

New Delhi, Dec 29 (PTI) The Congress on Wednesday accused the Narendra Modi government of selling “for-profit” public sector undertaking (PSU) Central Electronics Limited (CEL) to a private company without experience. Strategic interests have been “compromised”.

Addressing a press conference here, Congress spokesperson Gaurav Vallabh claimed that the CEL on valuation in various ways was in the range of Rs 957 crore to Rs 1,600 crore but the government has given the Ghaziabad-based PSU Rs 210 crore to Nandal Finance and Leasing Pvt Ltd. Sold for Rs.

“We demand that this sale be stopped immediately… The promoters of Nandal Finance are also associated with a private university in the Noida-Ghaziabad region and their proximity to BJP leaders is well known,” he said.

The government had announced the sale of CEL to Nandal Finance & Leasing for Rs 210 crore against the reserve price of Rs 194 crore. This was the government’s second strategic sale after Air India.

The Congress spokesperson claimed that the private company that bought CEL had only 10 employees and a case was also pending in the National Company Law Appellate Tribunal. Vallabh said as per the financial statements filed in 2019-20 by Nandal Finance & Leasing Pvt Ltd, 99.96 per cent stake in the company was held by Premier Furniture and Interiors Pvt Ltd, which has no connection with the business of CEL.

He said the government sold a strategy PSU manufacturing satellite systems, electric generator fuses for hand grenades and bullet proof materials to the furniture company. “Why a for-profit strategic PSU was handed over to a private company with less than 10 employees that has no experience in this area,” he asked.

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