Last-minute intervention by the finance ministry resulted in not just a postponement of a decision on Dewan Housing Finance's bid to acquire IDBI Home Finance; it also ended the plans of company executives to attend a party in Pune. Anticipating clearance of the sale by the IDBI Bank board, an event was scheduled in Pune on Friday. But the ministry stepped in at the last moment, asking the board to hold the sale decision. While a section in North Block is of the opinion that the home finance arm should be merged with its parent, IDBI Bank, the three bids received were apparently below the valuation done in early January.
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