SC orders CBI to take forward probe in Hindustan Zinc disinvestment

Allows Centre to shed residual stake

The Central Bureau of Investigation (CBI) will register a regular case to probe the disinvestment of Hindustan Zinc (HZL) that was conducted during the Atal Bihari Vajpayee-led government. The Centre had shed controlling stake in HZL to Sterlite Opportunities and Ventures (SOVL), a unit of Anil Agarwal-controlled Vedanta Resources, for about Rs 769 crore.

After multiple transactions, SOVL’s stake in HZL stood at 64.92 per cent while the Centre’s stake was 29.53 per cent. Agarwal has been eyeing this stake for long and wants to exert absolute control of HZL that ceased to be a government company from March 2002.

The apex