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Pawan Hans to swindlers; Central Government approves sale of shares

New Delhi
Pawanhans, the nation’s largest helicopter service supplier, is being taken over by fraudulent firms. The report was launched by The Wire. In April, the federal government accredited the sale of 51 per cent stake in ONGC-owned Pawanhans for Rs 211 crore. The shares had been purchased by a consortium of three firms, Star 9.

The consortium can even purchase the remaining shares. The contract was awarded to those non-financially safe individuals in violation of the public sale system. The consortium will probably be made up of Maharaja Aviation Pvt. Ltd., Big Constitution Pvt. Ltd. and Almas World Alternative Fund. Amongst them are Maharaja chiefs Sumit Sahni and Suchin Sahni, all of whom are BJP-affiliated.

The corporate, which owns solely three small helicopters, has been labeled by the DGCA as a non-scheduled plane operator. The corporate made a revenue of solely Rs 4.92 lakh between 2013-14 and 2020-21. Big Constitution Pvt. Ltd. is an organization that doesn’t even personal a airplane.

The Meghalaya authorities took motion in opposition to them for chartering a SpiceJet flight from Shillong to Delhi. Almas World holds a 49% stake in Pawanhans, a Cayman Islands-based firm with a black cash deposit facility. Almas was banned by the Nationwide Firm Regulation Tribunal. There are a lot of circumstances in opposition to firms.

All of the three firms will not be even registered with SEBI. Previous to this, it was uncertain how firms unfamiliar with the sphere would be capable to advance Pawanhans.

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