Bidders for IDBI Bank to declare no conviction or adverse regulatory orders

Interested bidders in the IDBI Bank have to submit a legal declaration that they have not been convicted by any court, indicted or received any adverse order from regulators such as SFIO (Serious Fraud Investigation Office), NCLT (National Company Law Tribunal) and NCLAT (National Company Law Appellate Tribunal) for a grave offence.

The move comes in the backdrop of the government terminating the sale of Central Electronics Ltd (CEL) to Nandal Finance & Leasing last month holding that the litigation pending against the successful bidder at the NCLAT violates the eligibility criteria for the sale.

The Centre is also yet to take