Lawstreet Journal

SC orders full fledged CBI investigation into 2002 disinvestment of Hindustan Zinc Ltd [LIVE UPDATES]

Lawstreet Journal 18 Nov 2021 4:54pm

Image courtesy: Lawstreet Journal Business SC orders full fledged CBI investigation into 2002 disinvestment of Hindustan Zinc Ltd [LIVE UPDATES]

allegedly at a very low price, after which a vedanta group company Sterlite took management control of HZL. However, SC said the present government can disinvest its remaining 29.5 in HZL.

SC order directing the CBI to conduct a full fledged investigation into the 2002 disinvestment during Atal Bihari Vajpayee government would raise questions about the deal with Sterlite, investigation into which was stalled when Arun Shourie was the disinvestment minister.

Taking objection to the closure of preliminary enquiry by the CBI, SC asked the CBI to forthwith register a regular case and fully investigate the 2002 decision to disinvest its majority share holding in HZL. SC asked the CBI to file regular status reports before it.

SC said present government can disinvest its remaining 29.5% shareholding in HZL as it is no longer in control of the erstwhile PSU. It said the disinvestment can be done scrupulously following the rules, regulations and procedures relating to disinvestment of government shares.

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Tagged: Hindustan Zinc Ltd   Supreme Court of India  
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