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Govt gets SC notice on Hind Copper selloff

The SC today issued notices to Govt on a petition filed by workers challenging the divestment.

business Updated: Nov 12, 2003 17:29 IST

The Supreme Court on Friday issued notices to Union Finance and Disinvestment Ministries on a petition challenging the privatisation process initiated by the Centre for Hindustan Copper Ltd (HCL).

A Bench comprising Justice S Rajendra Babu and Justice G P Mathur issued notices on a petition filed by a workers association.

The petitioners said Government has erred by initiating the disinvestment of HCL by an executive decision though the company was created by an Act of Parliament -- Indian Copper Corporation (Acquisition and Undertaking) Act, 1972.

They said the Centre's decision to disinvest HCL was similar to the one taken by it in initiating privatisation of oil PSUs Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL).

The apex court, in a recent judgment, had halted the privatisation process initiated for HPCL and BPCL, saying these two were created by Acts of Parliament and their privatisation has to be approved by Parliament before the process is undertaken.

First Published: Nov 07, 2003 16:39 IST