Supreme Court allows stake sale of HZL Shares in Open market

The Supreme court on Thursday 18-11-2021 permitted the govt’s decision of selling stakes of Hindustan Zinc Limited worth Rs. 40000 crores in the open market. The Supreme court also stated that the money that will be raised to be used for a public cause.

The Supreme court also said the present Central government has a 29.54% stakeholding in the HZL, however has no control of the company. It also ordered a CBI Probe of disinvestment of HZL that happened in 2021 allegedly at a low price that enabled the major shareholder ‘Vendata group’ to get control over the management of the company.