Lt Col Shrikant Purohit greeted with flowers, says ‘I am happy’ with SC bail

New Delhi, Feb 10: The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100% stake with management control and has invited the Expression of Interest for the same by March 16.

The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said.

"The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said.

The process for the transaction has been divided into two stages, namely, Stage I and Stage II.

After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it gets offers from bidders.

The government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal and it going out all guns blazing to meet that target after revising this fiscal target of Rs 1.05 lakh crore to Rs 65,000 crore.

The Interested Bidders (which can also include employees of CEL) must have a minimum net worth of Rs 50 crore as on March 2019. DIPAM has released complete invitation Preliminary Information Memorandum (PIM) of CEL. Resurgent India Limited is the advisor to the Transaction.

CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.

More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015.

Its solar products have been qualified to International Standards IEC 61215/61730. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.

In the SWOT analysis of the CPSE, DIPAM has stated under weakness that "the company has weak financial loss due to past losses, high manufacturing cost and non payment of dues by state nodal agencies affecting the financial position of the company".

The CPSE has adequate land for expansion, the SWOT analysis said adding "the CPSE faces threat of dumping of solar cells at very low rates which makes solar PV manufacturing industry unviable".

Entry of new players in the market for solar products and railway signalling systems also is cited as a threat.

New Delhi, Jan 15: A Delhi court on Wednesday granted bail to Bhim Army chief Chandrashekhar Azad in connection with the Daryaganj violence case.

The court has ordered him not to hold any protest in Delhi till February 16th.

While hearing the case, the Judge had asked Azad's counsel to read out some of his social media posts.

Advocate Mehmood Pracha, representing Azad, had on Tuesday said that the petitioner was sent to jail without any evidence in connection with anti-CAA protests in Delhi's Darya Ganj area last year.

"I think the court's comments should become a precedent for the country. The Public Prosecutor at the behest of police tried to make this a communal issue. We told the court that the government has a problem with Azad because he made the CAA-NPR-NRC an issue for everyone. 
The Court also sought evidence," Pracha told ANI after Delhi's Tis Hazari court deferred the bail plea of Azad till today.

On Wednesday, the court pulled up the Delhi Police for failing to show any evidence against Azad.

Azad was arrested on December 21 last year after he led a march from Jama Masjid against the Citizenship (Amendment) Act. He was sent to judicial custody till January 18 at Tihar jail.

The Bhim Army chief was charged with rioting, unlawful assembly and inciting the mob to indulge in violence after vandalism in Delhi's Daryaganj area.