The Central Bureau of Investigation (CBI) has registered an FIR against unnamed officials of Hindustan Zinc Ltd and Sterlite Opportunities and Ventures Ltd (SOVL).
This follows after an assurance by the Solicitor General of India Tushar Mehta to the Supreme Court that the probe agency will start investigating alleged irregularities in the disinvestment of government share up to 26 percent in Hindustan Zinc to a strategic partner SOVL in 2002.
Last November, the Supreme Court had directed the central agency to investigate alleged irregularities in disinvestment of Hindustan Zinc.
The apex court ordered the CBI to file a regular case after the agency closed a preliminary enquiry in this matter.
In February, the government challenged SC order asking for CBI probe in the matter.
The Supreme Court had said that on perusal of reports and recommendations of CBI officials, it is of the considered opinion that the 2002 disinvestment in HZL evinces a prima facie case for registration of a regular case.
The apex court, however, did not stall the proposed disinvestment of the government’s 26 per cent residual stake in the open market and said it should be done strictly in accordance with Sebi rules and regulations to ensure that the best price is realised for the sale of the shareholding.
Sterlite Opportunities and Ventures Ltd (SOVL), the majority shareholder of HZL, had stated before the court that it is not exercising its second call option under the share purchase agreement.
The top court had said there is sufficient material for registration of a regular case in relation to the 26 per cent disinvestment of HZL by the Centre in 2002. The CBI is directed to register a regular case and proceed in accordance with law.
