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DPC bid: MSEB clarifies position
MUMBAI,
APRIL 13.
The Maharashtra State Electricity Board (MSEB) today sought to distance itself from the controversy over not bidding for Enron's equity in Dabhol Power Company (DPC) in a U.S.-based Bankruptcy Court. Explaining the issue, the acting MSEB Chairman and the Power Secretary, Maharashtra, Jayant Kawale, today said, "The MSEB will lose much more by participating to bid for Enron's stake in Dabhol at the U.S. Bankruptcy court than to gain.'' "We were advised by a New York based law firm and two Indian law firms not to participate in the bidding,'' he added. A U.S. bankruptcy court has admitted GE and Bechtel's claim to buy 49 per cent of equity in DPC for $20 million.
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