Ahead of IDBI privatisation, Centre working on tightening disclosure rules

As the Centre gears up to privatise banks including the IDBI Bank, it is tightening disclosure norms for bidders. Bidders will have to share the details of legal proceedings against them, if any, until the completion of sale transactions, a report in Economic Times (ET) stated. 

The main idea is to seek the type of cases that the bidders are facing and the government is amending the bid document, an official told ET. The amendments will clarify which cases will disqualify the bidders from the process.

The development comes after the bidding for Pawan Hans. A company had completed the bidding