The Hindu Business Line : SC notice to Govt on Hind Copper sell-off

THE Supreme Court on Friday issued notices to Union Finance and Disinvestment Ministries on a petition challenging the privatisation of Hindustan Copper Ltd (HCL).

A Bench comprising Mr Justice S. Rajendra Babu and Mr Justice G.P. Mathur issued notices on a petition filed by a workers association opposing the sale. The petitioners have argued that the privatisation of HCL would require approval of Parliament as the company was created by an Act of Parliament — Indian Copper Corporation (Acquisition and Undertaking) Act, 1972.

The Centre's decision to disinvest Hindustan Copper was similar to the now-stalled privatisation of oil PSUs Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL).

The Supreme Court in a recent judgment had ruled that the privatisation of HPCL and BPCL would need Parliamentary nod as these two entities were created by Acts of Parliament and their privatisation has to be approved by law makers before the process is initiated.

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