Anil Agarwal-controlled mining conglomerate Vedanta Resources has urged the Supreme Court to vacate its status quo order so that it can take full control of Hindustan Zinc and also comply with the Sebi regulations. It said the status quo order was “creating uncertainty” and “serious prejudice” and also hurting interests of it as well as HZL.

The apex court had in January 2016 ordered a status quo in the shareholding pattern of HZL till further orders, thereby stalling the government’s plan to proceed with the residual stake sale in the company.

A Bench of Chief Justice SA Bobde asked the National Confederation of Officers’ Association, an employee union which challenged the HZL divestment, to respond to the Vedanta plea and posted the matter for final hearing in March.

0 CommentsClose Comments

Leave a comment