SC rejects PIL for scrapping HZL-Vedanta 2002 deal
5 July 2014 11:38 PM GMT
The Supreme Court on Friday dismissed a petition challenging the then NDA government's decision in 2002 to sell its stake in Hindustan Zinc Ltd (HZL) to Vedanta Group and imposed a cost of Rs 25,000 on the petitioner for filing a ‘frivolous’ plea.
A three-judge bench headed by Chief Justice R M Lodha refused to entertain the petition filed by advocate M L Sharma saying, ‘Why are you digging out something from the grave?’
Taking a stern view, initially the bench, also comprising justices M B Lokur and Kurian Joseph, imposed a cost of Rs 50,000 on Sharma but later reduced it to Rs 25,000 after he repeatedly requested for leniency.
In his petition, Sharma had alleged that the properties of the company were undervalued and sold to Vedanta group at a throwaway 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 had said.
A three-judge bench headed by Chief Justice R M Lodha refused to entertain the petition filed by advocate M L Sharma saying, ‘Why are you digging out something from the grave?’
Taking a stern view, initially the bench, also comprising justices M B Lokur and Kurian Joseph, imposed a cost of Rs 50,000 on Sharma but later reduced it to Rs 25,000 after he repeatedly requested for leniency.
In his petition, Sharma had alleged that the properties of the company were undervalued and sold to Vedanta group at a throwaway 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 had said.
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