TrendingVideosIndia
Opinions | CommentEditorialsThe MiddleLetters to the EditorReflections
Sports
State | Himachal PradeshPunjabJammu & KashmirHaryanaChhattisgarhMadhya PradeshRajasthanUttarakhandUttar Pradesh
City | ChandigarhAmritsarJalandharLudhianaDelhiPatialaBathindaShaharnama
World | United StatesPakistan
Diaspora
Features | The Tribune ScienceTime CapsuleSpectrumIn-DepthTravelFood
Business | My MoneyAutoZone
UPSC | Exam ScheduleExam Mentor
Don't Miss
Advertisement

SC allows further stake sale in Hindustan Zinc

Unlock Exclusive Insights with The Tribune Premium

Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits
Yearly Premium ₹999 ₹349/Year
Yearly Premium $49 $24.99/Year
Advertisement
Advertisement

Tribune News Service

Advertisement

New Delhi, November 18

The Supreme Court on Thursday allowed disinvestment of the Centre’s residuary 29.5% share in Hindustan Zinc Limited (HZL) in the open market even as it ordered a CBI probe into the alleged irregularities in disinvestment of the government’s controlling share in the PSU in 2002.

“The CBI is directed to register a regular case and periodically submit status reports of its investigation to this court. The aforesaid reports shall be submitted every quarter, or as otherwise directed by this Court,” a Bench led by Justice DY Chandrachud said.

Advertisement

The petitioners – National Confederation of Officers Association of Central Public Sector Enterprises and Others had challenged the Government’s divestment of its shareholding in HZL, saying it was in violation of the court’s judgment in Centre for Public Interest Litigation versus Union of India.

However, the top court said the verdict had no application to this case as HZL had ceased to be a government company following the process of disinvestment which took place in 1991- 92 and 2002.

The Bench — which also included Justice BV Nagarathna — said the recommendation of various officials of the CBI for converting the preliminary inquiry of disinvestment of HZL in 2002 into a regular case satisfies the court’s conscience that a prima facie case is made out.

Advertisement
Show comments
Advertisement