Profit statements

“Government sells for-profit strategic power packs like peanuts”

New Delhi: Accusing the government headed by Prime Minister Narendra Modi, Congress on Wednesday accused the Modi government of “compromising” the country’s strategic interests by selling the “profitable” Central Electronics Limited (CEL) PSU to a private company with no experience in the field.

Addressing a press conference, Congress spokesman Gourav Vallabh said the government was selling for-profit strategic PSUs like peanuts to entities with questionable credentials because the CEL’s assessment at the Aid from different methods was between Rs 957 crore and Rs 1,600 crore. He further stated that the government had sold the Ghaziabad-based PSU to Nandal Finance and Leasing Pvt Ltd for Rs 210 crore.

“We demand the immediate end of this sale … The promoters of Nandal Finance are also linked to a private university in the Noida-Ghaziabad region and are known for their proximity to the leaders of the BJP,” he said. declared. The government had announced the sale of CEL to Nandal Finance and Leasing for Rs 210 crore against the reserve price of Rs 194 crore. This was the government’s second strategic sale after Air India.

The congressional spokesperson further claimed that the private company that bought CEL from the government had only 10 employees and that a case was also pending before the National Company Law Appeals Tribunal.

“According to the financial statements filed by Nandal Finance and Leasing Pvt Ltd in 2019-2020, 99.96% of the capital of the company was held by Premier Furnitures and Interiors Pvt Limited, which had no connection with the activities of CEL”, did he declare.

“The government sold a strategic PSU manufacturing system, an electric generator fuse for hand grenades, and bulletproof materials for bulletproof vests to a furniture company,” the congressional spokesperson said. Vallabh demanded that the government clarify the strategic roadmap for divestment and whether it was wise to sell for-profit PSUs closely linked to national strategic interests. “Why was a for-profit strategic power supply given to a private company with fewer than 10 employees and no experience in the field,” he asked.

“In an attempt to cover up its incompetence in managing the country’s finances and economy, the Modi government has been crippled by myopia and determined to kill all the hens that lay the golden eggs,” he said, adding that the reason why the reserve price was set so low when the CEL was valued at Rs 957 crore?