Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

CNBC-TV18's Anshu Sharma reports that the mines ministry has once again cited the law ministry’s views, that a stake sale is not tenable unless the act is amended.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Sep 16, 2013, 08.24 AM | Source: CNBC-TV18

Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

CNBC-TV18's Anshu Sharma reports that the mines ministry has once again cited the law ministry’s views, that a stake sale is not tenable unless the act is amended.

Like this story, share it with millions of investors on M3

Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

CNBC-TV18's Anshu Sharma reports that the mines ministry has once again cited the law ministry’s views, that a stake sale is not tenable unless the act is amended.

Post Your Comments

Share Cancel

Anshu Sharma (more)

Senior Correspondent, CNBC-TV18 |

Attorney General Goolam Vahanvati may have paved the way for the sale of the government’s residual stake in Hindustan Zinc to Vedanta, but the Mines Ministry has written a fresh letter to the Prime Minister’s Office, opposing any further stake sale without amending the Metals Corporation Act of 1976.

CNBC-TV18’s Anshu Sharma reports that the ministry has once again cited the law ministry’s views - a stake sale is not tenable unless the act is amended.

This comes as a setback to Vedanta, which has already taken shareholder approval for purchasing the balance government stake in HZL and Balco for a sum of Rs 25,000 crore.

Unless this objection is overcome, the government’s intent of mopping up revenue through this sale is unlikely to fructify any time soon.

Buy, Hold, Sell ? Hear it first on M3
Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login