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The Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group Chairman Anil Agarwal in connection with alleged irregularities in the disinvestment of Hindustan Zinc Ltd (HZL) during the period of national democratic alliance (NDA) government.
The agency believes the loss caused to the exchequer due to the alleged irregularities runs into hundreds of crore. The preliminary enquiry is against Agarwal and unknown officials of HZL, Ministry of Disinvestment and Ministry of Mines, CBI sources said.
Vedanta spokesperson did not respond to queries in this regard.
It is alleged in the inquiry that Sterlite Industries, part of Vedanta Resources, had picked up stake in the public sector undertaking at an undervalued price resulting in the estimated losses running into hundreds of crore to the exchequer, CBI sources said. The company has been merged with another group Sesa Goa in August this year and renamed as Sesa Sterlite.
The sources alleged serious flaws in the disinvestment process undertaken by the then government in 2002.
CBI sources said a preliminary enquiry has been registered and notices will soon be issued to Agarwal, and officials of ministry of disinvestment and ministry of mines to join the probe along with relevant records of the stake sale.
A statement issued by then Ministry of Disinvestment at the time of disinvestment, however, had justified the stake sale to Sterlite, saying there was a spurt in the share prices of HZL after the successful disinvestment of VSNL, IBP, etc.
The statement had said two price bids were received from Indo Gulf Corporation and Sterlite Opportunities and Ventures Limited (a special purpose vehicle of Sterlite) and both were above the reserve price of 32.15 per share (translating into Rs 353.17 crore) for 26 per cent stake.
