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SC allows Govt. to divest its entire stake in Hindustan Zinc

Capital Market 

Vedanta announced that the Supreme Court has passed a judgment in writ petition no. 229 of 2014 on 18 November 2021.

The Supreme Court vide its judgment has allowed the Government to go ahead with its proposal to divest its complete stake in Hindustan Zinc, a subsidiary of the Company ('HZL') in the open market and in accordance with the rules and regulations of SEBI. It held that HZL is no longer a Government company and Government is exercising its rights as a shareholder and no bar exists on the exercise of such a right by the Government.

The Supreme Court vide the same judgment also directed CBI to register a regular case in relation to the process followed for the disinvestment of HZL in the year 2002 by the Government.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 19 2021. 11:27 IST