supreme court: Supreme Court allows govt stake sale in Hindustan Zinc; Orders CBI probe – Times of India
NEW DELHI: The Supreme Court (SC) on Thursday allowed the Centre to divest the remaining shareholding of 29.5% in Hindustan Zinc (HZL)
“The present government can disinvest its remaining 29.5% shareholding in HZL as it is no longer in control of the erstwhile PSU,” the Supreme Court said.
The apex court also ordered a full-fledged CBI probe into the 2002 disinvestment of Hindustan Zinc (HZL) allegedly at a very low price.
After the divestment, a Vedanta group company Sterlite took management control of the company.
It said that the disinvestment can be done scrupulously following the rules, regulations, and procedures relating to the disinvestment of government shares.
The SC order would raise questions about the deal with Sterlite, an investigation into which was stalled when Arun Shourie was the disinvestment minister during the then Atal Bihari Vajpayee government
Taking objection to the closure of preliminary inquiry by the CBI, the Supreme Court asked the CBI to forthwith register a regular case and fully investigate the 2002 decision to disinvest its majority shareholding in HZL.
The Supreme Court has asked the central probing agency to file a regular status reports before it.
“The present government can disinvest its remaining 29.5% shareholding in HZL as it is no longer in control of the erstwhile PSU,” the Supreme Court said.
The apex court also ordered a full-fledged CBI probe into the 2002 disinvestment of Hindustan Zinc (HZL) allegedly at a very low price.
After the divestment, a Vedanta group company Sterlite took management control of the company.
It said that the disinvestment can be done scrupulously following the rules, regulations, and procedures relating to the disinvestment of government shares.
The SC order would raise questions about the deal with Sterlite, an investigation into which was stalled when Arun Shourie was the disinvestment minister during the then Atal Bihari Vajpayee government
Taking objection to the closure of preliminary inquiry by the CBI, the Supreme Court asked the CBI to forthwith register a regular case and fully investigate the 2002 decision to disinvest its majority shareholding in HZL.
The Supreme Court has asked the central probing agency to file a regular status reports before it.
For all the latest business News Click Here
Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
