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business | IST

Supreme Court allows govt's stake sale in Hindustan Zinc, orders CBI probe in 2002 divestment

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The court said that prima facie, there's a case of violation of divestment norms in 2002 government stake sale.

Supreme Court has allowed government’s residual stake sale in Hindustan Zinc Limited (HZL). The apex court has also directed CBI probe into the 2002 divestment of government’s stake sale in the company.
The court said that prima facie, there's a case of violation of divestment norms in 2002 government stake sale.
It said that the government, an ordinary shareholder, has a 29.5 percent residuary stake and has ceased to be a government company. The 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.
HZL is one of the largest integrated producers of zinc and lead and a leading producer of silver.
Last month, the company reported a 3.9 percent rise in its net profit at Rs 2,017 crore for the quarter ended September 30, on the back of higher revenue from operations. reported a 3.9 percent rise in its net profit at Rs 2,017 crore for the quarter ended September 30, on the back of higher revenue from operations. The company had posted net profit of Rs 1,940 crore in the year-ago period, Hindustan Zinc Ltd said in a regulatory filing.