The government will have to clear a large amount of paper work before divesting its stake in eight Indian Tourism Development Corporation (ITDC) hotels, before the end of October.
While the timetable drawn up by the department of disinvestment (DoD) envisages completion of the sale process for the first tranche of eight hotels by October 20, the government will have to meet a tight schedule to keep the date.
A large number of issues are yet to be sorted out. For instance, once the hotels are demerged, the rules require a shareholders meeting and 31 separate meetings with creditors for each of the hotels. The list of creditors was compiled after going through almost 400 files.
But, while compiling the list, the officials did not record the creditors