Reference:

2^nd paragraph
 
In May 2000, bids were invited for a 40% stake in Air India, with a cap of 26% on foreign investment. The airline had reported losses for six straight years, had $70 million debt on its books and was fast losing traffic. More than 18,000 workers were on its rolls for a fleet of just about two dozen planes. Its employee-aircraft ratio, 750, was among worst. Singapore Airlines, in contrast, had 91 employees per aircraft. Inefficiency, typical in a government-controlled set up, was bleeding Air India. Yet, quantum of stake on offer made it clear that government intended to retain a crucial stake, appoint its own directors and continue to have a say in running business. Put off by substantial degree of control government wanted to retain in airline after disinvestment, several potential bidders stayed away from sale, including, possibly worthiest contender. Plus, in a sale carried out through competitive bidding, reduced interest can impact valuation.

Or issues are not mentioned here.
 
The highlighted sentence in paragraph above clearly validates fact what has been mentioned in option C.
 
Option C is hence right answer.

Reference: 
2^nd paragraph
 
Yet, quantum of stake on offer made it clear that  government intended to retain a crucial stake, appoint its own directors and continue to have a say in running business.
 
Hence, first statement is correct.
 
The second statement is nowhere suggested in passage that government itself tried to cancel idea of disinvestment.
 
2^nd paragraph
 
Inefficiency, typical in a government-controlled set up, was bleeding Air India.
 
Hence, third statement suggests that it is usual to have inefficient officers in government and re was nothing new in it.
 
It clearly validates that only statements I and III are correct.
 
Option E is hence correct answer.

In passage, if we observe properly, we can understand that word 'Straight' in phrase '... 6 straight years ...' implies sense of continuity. Out of choices given, word 'continuos' is most appropriate similar word to word given.

Option D is hence correct answer.

Reference:
5th paragraph
 
The airline said in a statement that  intensity of opposition to privatisation from political groups and trade unions had surprised it and that in such an adverse climate, it was not confident it could play a useful role.

Allegation of corruption were related to Hinduja group.

Furr, passage has not mentioned any specific demands made by Singapore Airlines.

Thus, all or statements are absurd and illogical.
 
Option B is hence correct answer.

Reference:
2^nd paragraph
 
Yet, quantum of stake on offer made it clear that government intended to retain a crucial stake, appoint its own directors and continue to have a say in running business. Put off by substantial degree of control government wanted to retain in airline after disinvestment, several potential bidders stayed away from sale, including, possibly worthiest contender.
 
The second statement is a specific point and we can’t say anything about it as it is not mentioned in passage.

Option B is hence correct answer.

Reference:

1^st paragraph
 
Air India’s disinvestment, first attempted by Atal Bihari Vajpayee government, is being revived. The sale bid last time was a flop, shelved prematurely after all bidders were eir disqualified or dropped out. The many factors that were and may still be at work against sale are not widely understood. Unless overcome, y may again endanger sale.
 
The underlined parts above implies that none of given statements I, II and III is appropriate.

Option E is hence correct answer.

Orchestrate (Verb):

plan or coordinate elements of (a situation) to produce a desired effect, especially surreptitiously.

Ex. The situation has been orchestrated by a tiny minority.

Synonyms: organize, arrange, put toger, plan, set up, bring about, manage, mobilize, mount, stage, stage-manage, mastermind, etc.

Clearly, 'managed' is synonym of word 'orchestrated' as given in passage.

Option B is hence correct answer.