The home ministry, on the back of an opinion of the attorney general and solicitor general, has instructed the NMDC to carry out an open auction and not give the Tatas a right of first refusal.
The New Delhi Municipal Corporation will decide by how much time to extend the Tatas' lease. The home ministry, on the back of an opinion of the Attorney General and Solicitor General, has instructed the NMDC to carry out an open auction and not give the Tatas a right of first refusal in the auctioning of the iconic Taj Mansingh Hotel in Delhi. But as NDMC chairman Jajal Shrivastava told CNBC-TV18, the first step is to hire a transaction advisor as EY decided not to renew its contract.
Below is verbatim transcript of the interview:
Q: Has the Ministry of Home Affairs, the Solicitor General, the Attorney General given any opinion on whether the preference should be given to a domestic party, to a domestic hotel chain, that it should not just be money bags, it should bring certain amount of experience?
A: I am not party to the advice or the opinions tendered by the learned Attorney General and the learned Solicitor General so, I cannot really comment on that. As to the Union Home Ministry's directive to us, it does not give all these details and I do not know if it is fair about domestic or international and so on. An open auction would be an open auction.
Q: How long will it take for you to get a new transaction advisor on board?
A: At the very earliest one and a half to two months.
Q: At the very earliest one and half to two months and then they have to decide a new auction process, arrive at valuations. Will we see this open auction in 2015?
A: Once we have received a clear directive from the home ministry in January this year which had been pending for almost a year and a half and then at least we will have an idea of which direction to take. We have to plan the entire thing as a project. It is much simpler to give dates and schedules to a project if one knows how to proceed. So, that stage has come now. I think we should be able to finish this well within 2015.
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