Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | CBI to probe Vedanta head over PSU selloff    </title>
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NEW DELHI: Launching a probe in a deal done during NDA regime, the Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities..."/>
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NEW DELHI: Launching a probe in a deal done during NDA regime, the Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities..." />
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                            <div align="justify">-The Times of India</div><p align="justify"><br /><em>NEW DELHI: </em>Launching a probe in a deal done during NDA regime, the Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities in the disinvestment of Hindustan Zinc Ltd (HZL). Agency suspects that the loss caused to the exchequer due to the alleged irregularities runs into hundreds of crores of rupees due to the sale of HZL to Agarwal's Sterlite Opportunities and Ventures Ltd.</p><p align="justify">CBI officials say that preliminary enquiry (PE) has been registered against Agarwal and unknown officials of HZL, ministry of disinvestment and ministry of mines.</p><p align="justify">Agency sources say that they are probing how HZL was privatized without the approval of Parliament when it was created by acquiring Metal Corporation of India Ltd (MCIL) through a parliamentary statute - the Metal Corporation (Nationalisation) Act of 1976.</p><p align="justify">It is alleged in the enquiry that Sterlite Industries, part of Vedanta Resources, had picked up stake in the public sector undertaking (PSU) at an undervalued price resulting in the estimated losses running into hundreds of crores to the exchequer, CBI sources said. The company has been merged with another group Sesa Goa in August and renamed as Sesa Sterlite.</p><p align="justify">The sources alleged serious flaws in the disinvestment process undertaken by the then NDA government in 2002.</p><p align="justify">&quot;We will not like to speak on CBI inquiry. However, we would like to say that today Hindustan Zinc is world's largest integrated zinc producer. Since disinvestment it has grown more than five fold. At the time of disinvestment, company's reserves and resources were 143.7 million tonnes (MT) which have been increased through rigorous exploration to 348 MT. Since disinvestment company has successfully executed four phases of expansion plans with an investment of Rs 12,000 crore,&quot; said a Vedanta spokesperson.</p><p align="justify">CBI sources said notices will soon be issued to Agarwal, and officials of ministry of disinvestment and ministry of mines to join the probe along with relevant records of the stake sale.</p><p align="justify">A statement issued by then ministry of disinvestment at the time of disinvestment, however, had justified the stake sale to Sterlite, saying there was a spurt in the share prices of HZL after the successful disinvestment of VSNL, IBP, etc. The statement had said two price bids were received from Indo Gulf Corporation and Sterlite Opportunities and Ventures Limited (a special purpose vehicle of Sterlite) and both were above the reserve price of 32.15 per share (translating into Rs 353.17 crore) for 26% stake. &quot;The higher bid, that of M/s Sterlite Opportunities and Ventures Limited, for Rs 445 crore (translating to about Rs 40.50 per share) was accepted,&quot; it had said.</p><p align="justify">The weighted average price of HZL shares over the last six months prior to disinvestment was about Rs 25.30 and the average weekly high and low of closing price for last six months was over Rs 22 per share, the disinvestment ministry statement had said.</p><p align="justify">The CBI sources said they have sought documents pertaining to strategic sale of the government's share. CBI has asked details from mines ministry on the privatization of the HZL and nationalization of Metal Corporation of India Ltd.</p><p align="justify">The matter was also raised by senior advocate Prashant Bhushan, before the then finance minister Pranab Mukherjee, alleging illegality in selling the remaining stake to the Sterlite as the process undertaken in 2002 was against the law laid down by the Supreme Court which has stopped the disinvestment of Hindustan Petroleum on similar grounds.</p>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/india/CBI-to-probe-Vedanta-head-over-PSU-selloff/articleshow/27812393.cms" class="re" target="_blank">The Times of India, 24 December, 2013, http://timesofindia.indiatimes.com/india/CBI-to-probe-Vedanta-head-over-PSU-selloff/articleshow/27812393.cms</a><div class="clear"></div>
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    <h1 class="cat-box-title">CBI to probe Vedanta head over PSU selloff</h1>
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                            <div align="justify">-The Times of India</div><p align="justify"><br /><em>NEW DELHI: </em>Launching a probe in a deal done during NDA regime, the Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities in the disinvestment of Hindustan Zinc Ltd (HZL). Agency suspects that the loss caused to the exchequer due to the alleged irregularities runs into hundreds of crores of rupees due to the sale of HZL to Agarwal's Sterlite Opportunities and Ventures Ltd.</p><p align="justify">CBI officials say that preliminary enquiry (PE) has been registered against Agarwal and unknown officials of HZL, ministry of disinvestment and ministry of mines.</p><p align="justify">Agency sources say that they are probing how HZL was privatized without the approval of Parliament when it was created by acquiring Metal Corporation of India Ltd (MCIL) through a parliamentary statute - the Metal Corporation (Nationalisation) Act of 1976.</p><p align="justify">It is alleged in the enquiry that Sterlite Industries, part of Vedanta Resources, had picked up stake in the public sector undertaking (PSU) at an undervalued price resulting in the estimated losses running into hundreds of crores to the exchequer, CBI sources said. The company has been merged with another group Sesa Goa in August and renamed as Sesa Sterlite.</p><p align="justify">The sources alleged serious flaws in the disinvestment process undertaken by the then NDA government in 2002.</p><p align="justify">&quot;We will not like to speak on CBI inquiry. However, we would like to say that today Hindustan Zinc is world's largest integrated zinc producer. Since disinvestment it has grown more than five fold. At the time of disinvestment, company's reserves and resources were 143.7 million tonnes (MT) which have been increased through rigorous exploration to 348 MT. Since disinvestment company has successfully executed four phases of expansion plans with an investment of Rs 12,000 crore,&quot; said a Vedanta spokesperson.</p><p align="justify">CBI sources said notices will soon be issued to Agarwal, and officials of ministry of disinvestment and ministry of mines to join the probe along with relevant records of the stake sale.</p><p align="justify">A statement issued by then ministry of disinvestment at the time of disinvestment, however, had justified the stake sale to Sterlite, saying there was a spurt in the share prices of HZL after the successful disinvestment of VSNL, IBP, etc. The statement had said two price bids were received from Indo Gulf Corporation and Sterlite Opportunities and Ventures Limited (a special purpose vehicle of Sterlite) and both were above the reserve price of 32.15 per share (translating into Rs 353.17 crore) for 26% stake. &quot;The higher bid, that of M/s Sterlite Opportunities and Ventures Limited, for Rs 445 crore (translating to about Rs 40.50 per share) was accepted,&quot; it had said.</p><p align="justify">The weighted average price of HZL shares over the last six months prior to disinvestment was about Rs 25.30 and the average weekly high and low of closing price for last six months was over Rs 22 per share, the disinvestment ministry statement had said.</p><p align="justify">The CBI sources said they have sought documents pertaining to strategic sale of the government's share. CBI has asked details from mines ministry on the privatization of the HZL and nationalization of Metal Corporation of India Ltd.</p><p align="justify">The matter was also raised by senior advocate Prashant Bhushan, before the then finance minister Pranab Mukherjee, alleging illegality in selling the remaining stake to the Sterlite as the process undertaken in 2002 was against the law laid down by the Supreme Court which has stopped the disinvestment of Hindustan Petroleum on similar grounds.</p>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/india/CBI-to-probe-Vedanta-head-over-PSU-selloff/articleshow/27812393.cms" class="re" target="_blank">The Times of India, 24 December, 2013, http://timesofindia.indiatimes.com/india/CBI-to-probe-Vedanta-head-over-PSU-selloff/articleshow/27812393.cms</a><div class="clear"></div>
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-The Times of India



NEW DELHI: Launching a probe in a deal done during NDA regime, the Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities..." />
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    <h1 class="cat-box-title">CBI to probe Vedanta head over PSU selloff</h1>
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                            <div align="justify">-The Times of India</div><p align="justify"><br /><em>NEW DELHI: </em>Launching a probe in a deal done during NDA regime, the Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities in the disinvestment of Hindustan Zinc Ltd (HZL). Agency suspects that the loss caused to the exchequer due to the alleged irregularities runs into hundreds of crores of rupees due to the sale of HZL to Agarwal's Sterlite Opportunities and Ventures Ltd.</p><p align="justify">CBI officials say that preliminary enquiry (PE) has been registered against Agarwal and unknown officials of HZL, ministry of disinvestment and ministry of mines.</p><p align="justify">Agency sources say that they are probing how HZL was privatized without the approval of Parliament when it was created by acquiring Metal Corporation of India Ltd (MCIL) through a parliamentary statute - the Metal Corporation (Nationalisation) Act of 1976.</p><p align="justify">It is alleged in the enquiry that Sterlite Industries, part of Vedanta Resources, had picked up stake in the public sector undertaking (PSU) at an undervalued price resulting in the estimated losses running into hundreds of crores to the exchequer, CBI sources said. The company has been merged with another group Sesa Goa in August and renamed as Sesa Sterlite.</p><p align="justify">The sources alleged serious flaws in the disinvestment process undertaken by the then NDA government in 2002.</p><p align="justify">&quot;We will not like to speak on CBI inquiry. However, we would like to say that today Hindustan Zinc is world's largest integrated zinc producer. Since disinvestment it has grown more than five fold. At the time of disinvestment, company's reserves and resources were 143.7 million tonnes (MT) which have been increased through rigorous exploration to 348 MT. Since disinvestment company has successfully executed four phases of expansion plans with an investment of Rs 12,000 crore,&quot; said a Vedanta spokesperson.</p><p align="justify">CBI sources said notices will soon be issued to Agarwal, and officials of ministry of disinvestment and ministry of mines to join the probe along with relevant records of the stake sale.</p><p align="justify">A statement issued by then ministry of disinvestment at the time of disinvestment, however, had justified the stake sale to Sterlite, saying there was a spurt in the share prices of HZL after the successful disinvestment of VSNL, IBP, etc. The statement had said two price bids were received from Indo Gulf Corporation and Sterlite Opportunities and Ventures Limited (a special purpose vehicle of Sterlite) and both were above the reserve price of 32.15 per share (translating into Rs 353.17 crore) for 26% stake. &quot;The higher bid, that of M/s Sterlite Opportunities and Ventures Limited, for Rs 445 crore (translating to about Rs 40.50 per share) was accepted,&quot; it had said.</p><p align="justify">The weighted average price of HZL shares over the last six months prior to disinvestment was about Rs 25.30 and the average weekly high and low of closing price for last six months was over Rs 22 per share, the disinvestment ministry statement had said.</p><p align="justify">The CBI sources said they have sought documents pertaining to strategic sale of the government's share. CBI has asked details from mines ministry on the privatization of the HZL and nationalization of Metal Corporation of India Ltd.</p><p align="justify">The matter was also raised by senior advocate Prashant Bhushan, before the then finance minister Pranab Mukherjee, alleging illegality in selling the remaining stake to the Sterlite as the process undertaken in 2002 was against the law laid down by the Supreme Court which has stopped the disinvestment of Hindustan Petroleum on similar grounds.</p>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/india/CBI-to-probe-Vedanta-head-over-PSU-selloff/articleshow/27812393.cms" class="re" target="_blank">The Times of India, 24 December, 2013, http://timesofindia.indiatimes.com/india/CBI-to-probe-Vedanta-head-over-PSU-selloff/articleshow/27812393.cms</a><div class="clear"></div>
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Home हिन्दी

CBI to probe Vedanta head over PSU selloff

Published on Dec 24, 2013   Modified on Dec 24, 2013

-The Times of India NEW DELHI: Launching a probe in a deal done during NDA regime, the Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities in the disinvestment of Hindustan Zinc Ltd (HZL). Agency suspects that the loss caused to the exchequer due to the alleged irregularities runs into hundreds of crores of rupees due to the sale of HZL to Agarwal's Sterlite Opportunities and Ventures Ltd. CBI officials say that preliminary enquiry (PE) has been registered against Agarwal and unknown officials of HZL, ministry of disinvestment and ministry of mines. Agency sources say that they are probing how HZL was privatized without the approval of Parliament when it was created by acquiring Metal Corporation of India Ltd (MCIL) through a parliamentary statute - the Metal Corporation (Nationalisation) Act of 1976. It is alleged in the enquiry that Sterlite Industries, part of Vedanta Resources, had picked up stake in the public sector undertaking (PSU) at an undervalued price resulting in the estimated losses running into hundreds of crores to the exchequer, CBI sources said. The company has been merged with another group Sesa Goa in August and renamed as Sesa Sterlite. The sources alleged serious flaws in the disinvestment process undertaken by the then NDA government in 2002. "We will not like to speak on CBI inquiry. However, we would like to say that today Hindustan Zinc is world's largest integrated zinc producer. Since disinvestment it has grown more than five fold. At the time of disinvestment, company's reserves and resources were 143.7 million tonnes (MT) which have been increased through rigorous exploration to 348 MT. Since disinvestment company has successfully executed four phases of expansion plans with an investment of Rs 12,000 crore," said a Vedanta spokesperson. CBI sources said notices will soon be issued to Agarwal, and officials of ministry of disinvestment and ministry of mines to join the probe along with relevant records of the stake sale. A statement issued by then ministry of disinvestment at the time of disinvestment, however, had justified the stake sale to Sterlite, saying there was a spurt in the share prices of HZL after the successful disinvestment of VSNL, IBP, etc. The statement had said two price bids were received from Indo Gulf Corporation and Sterlite Opportunities and Ventures Limited (a special purpose vehicle of Sterlite) and both were above the reserve price of 32.15 per share (translating into Rs 353.17 crore) for 26% stake. "The higher bid, that of M/s Sterlite Opportunities and Ventures Limited, for Rs 445 crore (translating to about Rs 40.50 per share) was accepted," it had said. The weighted average price of HZL shares over the last six months prior to disinvestment was about Rs 25.30 and the average weekly high and low of closing price for last six months was over Rs 22 per share, the disinvestment ministry statement had said. The CBI sources said they have sought documents pertaining to strategic sale of the government's share. CBI has asked details from mines ministry on the privatization of the HZL and nationalization of Metal Corporation of India Ltd. The matter was also raised by senior advocate Prashant Bhushan, before the then finance minister Pranab Mukherjee, alleging illegality in selling the remaining stake to the Sterlite as the process undertaken in 2002 was against the law laid down by the Supreme Court which has stopped the disinvestment of Hindustan Petroleum on similar grounds.

The Times of India, 24 December, 2013, http://timesofindia.indiatimes.com/india/CBI-to-probe-Vedanta-head-over-PSU-selloff/articleshow/27812393.cms

Tagged with: Central Bureau of Investigation CBI privatisation Vedanta Corruption

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