Hotel industry veteran Ajit B. Kerkar was a member of the Air-India board, and sat on the sub-committee that decided to disinvest hotels owned by its subsidiary, Hotel Corporation of India. A day after the divestment decision was taken, Kerkar exited the board, only to return as a buyer. A company promoted by him bought it, and then re-sold it within a few years at a significant premium. That, in a nutshell, is how divestment has played out in India.
