05 July Tuesday

Pawan Hans Goes To Dubious Entities; Centre Grants Nod For Sale

Web Desk(TVM)Updated: Tuesday May 17, 2022

New Delhi : The country’s largest helicopter services provider, Pawan Hans, is falling into hands of shady entities - a matter that came to light via The Wire in one of its reports.

In the deal, ONGC’s 51 percent stake is being sold for Rs 211 crores – the Central govt sanction for which was granted in April. And the buyer is Star9 Mobility Pvt ltd – a three-way consortium between Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas global Opportunity Fund SPC. –  which will also take over remaining stake owned by government. Incidentally, the Maharaja Aviation heads  Smita Safani and Suchin Safani are closely linked to BJP. The whole transaction is being  effected in violation of auction provisions.

Maharaja Aviation has just three small sized helicopters of its own and is categorised as non-scheduled Aircopt operater by the DGC. Their net profit between 2013-14 and 2020-21 is a paltry sum of Rs 4.92 lakhs.

On its part, the Big Charter Pvt Ltd does not own a single airplane todate.  They had rented planes from Spice Jet to run Shillong – Delhi flights and ended up facing government action after services halted abruptly.

Almas Global that will take on 49 percent of Pawan Hans stake was registered by Keman Dileep and is a facilitator of money laundering.  Almas has prohibitions imposed by  Company Law Tribunal  and also has several pending cases against it.

The three companies are not even registered with SEBI.  And, the big question is how will these companies with no prior experience take Pawan Hans forward ?