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LATEST NEWS UPDATES | Supreme Court orders CBI probe into HZL stake sale in 2002 -Utkarsh Anand

Supreme Court orders CBI probe into HZL stake sale in 2002 -Utkarsh Anand

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published Published on Nov 18, 2021   modified Modified on Nov 19, 2021

-Hindustan Times

The top court ordered a court-monitored CBI investigation into the initial stake sale of Hindustan Zinc Ltd (HZL) to Anil Agarwal-run Sterlite Opportunities and Ventures Ltd (SOVL) in 2002

The Supreme Court on Thursday ordered a court-monitored Central Bureau of Investigation (CBI) probe into the initial stake sale of Hindustan Zinc Ltd (HZL) to Anil Agarwal-run Sterlite Opportunities and Ventures Ltd (SOVL) in 2002 when the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) was in power.

A bench, led by justice Dhananjaya Y Chandrachud, allowed the union government to disinvest its remaining shareholding of 29.5% in HZL since the company was no more a government-held company. It directed the CBI should register a regular case into the 2002 sale and submit its reports to the court quarterly.

The court cited a report by the Comptroller and Auditor General of India besides other instances and added there were “sufficient materials on record” to conduct a full-fledged investigation into the bidding process and valuation of shares and assets of HZL.

A preliminary inquiry was started by the CBI in November 2013 to look into alleged corrupt practices. But the government informed the top court that the case was closed since there was no evidence of criminality.

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Hindustan Times, 18 November, 2021, https://www.hindustantimes.com/india-news/supreme-court-orders-cbi-probe-into-hzl-stake-sale-in-2002-101637216520438.html?fbclid=IwAR2CXCLgs3oehINGqHrlmmp-9Rqm5KiFkpLAvhywiNtHkpufVFKVDYX1DM4


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