New Delhi, Jan 12 (PTI) The government has put on hold the privatisation of Central Electronics Ltd (CEL) after the employees union approached the court against the sale of the company to a little-known firm, a top official said Wednesday.

Allegations of under-valuation in the Rs 210 crore highest bid made by the city-based Nandal Finance & Leasing are being examined, said Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM), which is running the privatisation process.

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The Letter of Intent (LoI) for sale of 100 per cent government shareholding in CEL to Nandal Finance & Leasing has not been issued, as the allegations are being examined, Pandey told PTI.

The government had in November approved the sale of CEL, under the Department of Scientific and Industrial Research (DSIR), to Nandal Finance & Leasing for Rs 210 crore. The transaction was scheduled to be completed by March 2022.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)