SC allows Centre to disinvest its remaining shares in Hindustan Zinc Ltd
Sakshi Education
The Supreme Court has allowed the Central Government to disinvest its remaining shares in Hindustan Zinc Limited. The Bench of Justice D.Y. Chandrachud and A.S. Bopanna held that the Centre can disinvest the remaining 29.5 per cent of its shares in Hindustan Zinc, since it is not a government company anymore.
In 2016, the Supreme Court had directed the Central Government to maintain status quo on the proposed disinvestment of the Public Sector Undertaking, Hindustan Zinc Limited. The government was thus restricted from initiating any process of further disinvestment of its shares in the PSU.
Advocate Prashant Bhushan, who appeared for the petitioner organization, had filed a Right to Information (RTI) query on why Hindustan Zinc's shares were disinvested. The response revealed that 50 per cent of the shares of Hindustan Zinc were disinvested and sold to Vedanta.
Published date : 18 Nov 2021 06:17PM