Supreme Court Orders CBI Probe In Centre's 2002 Hindustan Zinc Disinvestment
NDTV
On perusal of reports and recommendations of CBI officials, it is of considered opinion that the 2002 disinvestment in the ''Mini-Ratna'' designated firm evinces a prime facie case for registration of a regular case, the court said.
Two decades after the first NDA government, led by then Prime Minister Atal Bihari Vajpayee, decided to divest stake in Hindustan Zinc Ltd (HZL) to a strategic partner - SOVL, the Supreme Court Thursday ordered the CBI to register a case into the various alleged irregularities.
On perusal of reports and recommendations of CBI officials, it is of considered opinion that the 2002 disinvestment in the ''Mini-Ratna'' designated firm evinces a prime facie case for registration of a regular case, the court said.
It did not stall however the proposed disinvestment of the government's 29.54 per cent residual stake in the open market and said it should be done strictly in accordance with SEBI rules and regulations to ensure that the best price is realised for the sale of the shareholding.
The Sterlite Opportunities and Ventures Ltd (SOVL), the majority shareholder of HZL has stated before the court that it is not exercising its second call option under the Share Purchase Agreement.
