New Delhi: Twelve years after the government sold its stake in Hindustan Zinc Ltd (HZL) to Vedanta group during the previous NDA rule, a PIL has been filed Wednesday in the Supreme Court seeking quashing of the deal.
The petitioner mentioned the case before a bench headed by Justice Vikramajit Sen which refused to give an urgent hearing and listed the matter after vacation.
The petitioner M L Sharma, an advocate, alleged that the properties of the company were undervalued and sold to Vedanta group at a throw away price.
"Issue writ of mandamus to declare/quash impugned undervalued sale transactions of equity shares of HZL dated April 2002 and August 2003 by the disinvestment ministry being illegal, fraudulent within criminal conspiracy," the petition said.
Vedanta group company Sterlite Opportunities and Ventures (SOVL) holds around 64 percent stake in HZL. SOVL had initially acquired 26 percent stake in HZL in 2002.
Subsequently, it bought 20 percent public holding in the company. In 2003, it acquired additional 18.92 percent stake from the government exercising call option.
