Profit Sheets

Supreme Court allows Centre to sell Hindustan Zinc stake, orders CBI probe in 2002 divestment

November 18, 2021 11:39 AM

Supreme Court allows Centre to sell Hindustan Zinc stake, orders CBI probe in 2002 divestment
HZL is one of the largest integrated producers of zinc and lead and a leading producer of silver.

The Supreme Court (SC) has cleared the divestment in Hindustan Zinc Limited (HZL) stating that the government, an ordinary shareholder, has a 29.5 percent residuary stake and has ceased to be a government company, CNBC-TV18 reported.

The Supreme Court added that the government was entitled to make a decision on divestment shareholding, as long as the process is transparent and realizes the best prices.

Centre sought closure of preliminary inquiry into 2002 Hind Zinc divestment. However, the court held that there existed a prima facie case of violation of divestment norms in the 2002 government stake sale and disallowed the closure. The court directed a regular CBI probe into it now.

Also Read : Hindustan Zinc Q2 profit rises 15%

In 2014, the Central Public Sector Enterprises (CPSEs) moved an application in the court alleging undervaluation of shares during 2002 divestment.

Following the allegations, the apex court stayed any further divestment of government stake in the company in 2016.

In March, the government moved to court seeking a nod for divesting a further stake of 29.54 percent.

HZL is one of the largest integrated producers of zinc and lead and a leading producer of silver.

It has facilities in Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in Rajasthan, along with zinc-lead processing and refining facilities and a silver refinery at Pantnagar in Uttarakhand.

Leave a comment

Your email address will not be published. Required fields are marked *

Market Live Updates


Intraday Tips
Stock Name Open Price Trend Details
Reliance 1930.10 Buy  Click Here
Asian Paints 2577.00 Buy  Click Here
HDFC 2448.00 Buy  Click Here
HDFCAMC 2790.00 Buy  Click Here
TCS 3120.00 Buy  Click Here


NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ONGC 170.15 3.84 3,35,17,100
TATAMOTORS 520.60 1.92 1,95,14,261
COALINDIA 163.85 1.90 1,01,45,393
UPL 812.60 1.69 20,45,635
HINDALCO 504.35 1.68
51,48,604
COMPANY LTP %CHNG VOLUME
ASIANPAINT 3,278.85 -2.81 13,35,732
SHREECEM 26,422.25 -2.70 43,795
INFY 1,870.00 -2.64 46,24,748
HINDUNILVR 2,308.95 -2.56 19,45,688
ADANIPORTS 743.60 -2.54
53,57,099