No change in Metal Corp Act for HZL, Balco stake sale: Srcs

Sources in the finance ministry say that an amendment of the Metal Corporation Act is not a must for selling stake in Hindustan Zinc and Balco, reports CNBC-TV18’s Aakansha Sethi.

The mines ministry’s interpretation of the Attorney General's (AGs) opinion is erroneous, say sources in the finance ministry. The AG’s opinion is different from the earlier one that had been presented. Also read: Govt wasting time on HZL, Balco stake sale: Anil Agarwal The HZL, Balco stake sale will go forth within this year. It expects about Rs 18,000 crore on it through the auction process. The mines ministry has already floated a cabinet note on it. The finance ministry has now finalised its comments on the cabinet note stating no need of an amendment of the act and it can go ahead with it. The final decision will be taken by the cabinet shortly.