However, the CAG said the reply is not acceptable in

view of the "reports of M/s AVITAS and M/s ACCENT Aviation had fixed a market value of USD 86-92 million per B-777-200LR aircraft."

"The report of M/s Aviation Specialist Group which estimated a lower realisable value and on the basis of which the aircraft were sold to Etihad Airways was obtained only after opening of the financial bids.

"Audit has commented on the aberration in the process of sale where the valuation on the basis of which the sale was finalised was obtained only after completing the tendering process," it said.

Noting that while audit appreciates the savings realised in maintenance co\st and interest payments, the CAG report said, "Such savings cannot justify the shortcomings of the sale process."

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)