PSU privatisation: Centre asks for legal declaration from bidders

An entity, which is disqualified, will not be allowed to participate merely because it has filed an appeal against an adverse order

After halting the privatisation of Central Electronics (CEL) and Pawan Hans over legal issues, the Centre has introduced changes in the privatisation process by seeking a legal declaration from bidders that they have not been convicted by any court, or indicted or received any adverse order from regulators for a grave offence.

The changes have been introduced in the privatisation process, currently underway, for Ferro Scrap Nigam (FSNL).

Suitors will have to declare that they have not committed any “grave offence”, which includes any pending case of fraud under the provisions of the Securities and Exchange Board of India (Sebi)