Nanda, was first converted through a remarkable manoeuvre to one where profits were not taboo (in 2000), and then converted into a limited liability company, a part of which is now proposed to be sold to the Merlion India fund for Rs 65 crore.
Since the Delhi-based EHIRC was registered as a non-profit society, a society with exactly the same name (but with some vital clauses like the non-profit one removed) was registered in Chandigarh, the two were then merged, and in one stroke, it was possible to convert this merged entity into a company which could then be sold off a profit which could be distributed to its shareholders.
Co-ordination between various departments of the government being what it is, no one was able to detect the infringement until the second of H.P. Nanda
