Punjab and Haryana HC issues notice on plea challenging PACL disinvestment

The Punjab and Haryana high court has sought a status report from state government on a plea alleging scam in the disinvestment of Punjab Alkalies and Chemicals Limited , Rupnagar.

The Punjab and Haryana high court has sought a status report from state government on a plea alleging scam in the disinvestment of Punjab Alkalies and Chemicals Limited (PACL), Rupnagar.

The plea was from three Rupnagar residents, former employees of PACL, who had sought a fair and impartial investigation in the alleged disinvestment scam. (Representational Photo)

The plea was from three Rupnagar residents, former employees of PACL, who had sought a fair and impartial investigation in the alleged disinvestment scam.

It was disinvested in the year 2020, wherein government of Punjab has divested its 100 per cent equity shareholding in PACL. As per plea it was equivalent to 33.49 per cent of total paid up equity share capital of PACL and by virtue of this disinvestment, there occurred a loss of ₹1,000 crores to the government exchequer, it claims adding that the same deserves to be investigated “fairly and impartially” by some independent agency. The court has sought a status report and response from the government by February 16.