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On Tuesday, National Herald had carried an in-depth ground report about widespread resentment among employees of CEL against its sale, detailing how the Modi government had diluted the bidding clause to privatize the State-owned company of strategic importance.According to sources, the government had put the sale on hold as it was apprehensive of backlash in the forthcoming Assembly polls, with CEL’s employees having announced their intention to boycott the same.Besides, the government got a tip-off that the employees intended to challenge the sale bid in the apex court.Supreme court lawyer Prashant Bhushan was approached by the employees to file a PIL urging the apex court to stop the sale of a profit-making public sector unit at a rock-bottom price.Congress leader Kapil Sibal, on behalf of the employees, had filed a case in the Delhi High Court in 2018 objecting to privatization of the PSU. The case has recently been reopened.Sources told NH that BKU leader Rakesh Tikait had addressed the protesters in Sahibabad. The government evidently did not to want to antagonize industrial workers just before the crucial polls.Though BKU was not very vocal on the issue, its support proved pivotal in the government putting the privatization bid on hold, said sources.As reported by NH, the Centre went against the norms in allowing 100 percent disinvestment in a State-owned entity to a private firm having zero experience in manufacturing high-end electronic parts.Employees claimed with proof that “the CEL was valued at Rs 957 crore, but the reserve price was set very low so that the company can be sold-off easily.”After a questionable bidding process, the CEL was sold to Nandal Finance and Leasing Limited for just Rs 210 crore.The land belonging to CEL is alone estimated to be worth Rs 450 crore.As per different estimates, the CEL is valued at Rs. 1000-1500 crore.Incorporated in 1974, CEL, under the Ministry of Science and Technology, is a pioneer in the field of Solar Photovoltaic (SPV), and it has developed the technology with its own R&D efforts. It has also developed axle counter systems that are being used in Railway signalling systems for the safe running of trains.The government had issued a request for Expressions of Interest (EOI) on February 3, 2020, for CEL sale, following which three preliminary bids were received. Later, two companies — Nandal Finance and Leasing Pvt Ltd and JPM Industries Ltd — put in financial bids on October 12, 2021.This is the second time that the government had initiated the process of strategic sale of CEL after the Cabinet on October 27, 2016, approved its strategic sale.In the first attempt, although 6 preliminary bids were received, no financial bids came. The CEL sale process restarted in February 2020 and finally, two companies put financial bids in October 2021.(With PTI inputs)
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Centre puts CEL’s sale on hold to ‘examine allegations’; poll jitters may have contributed to decision
