Taking a stern view, initially the bench, also comprising justices M B Lokur and Kurian Joseph, imposed a cost of Rs 50,000 on Sharma but later reduced it to Rs 25,000 after he repeatedly requested for leniency.
The Supreme Court today dismissed a petition challenging the then NDA government's decision in 2012 to sell its stake in Hindustan Zinc Ltd (HZL) to Vedanta Group and imposed a cost of Rs 25,000 on the petitioner for filing a "frivolous" plea.
A three-judge bench headed by Chief Justice R M Lodha refused to entertain the petition filed by advocate M L Sharma saying, "Why are you digging out something from the grave?"
Taking a stern view, initially the bench, also comprising justices M B Lokur and Kurian Joseph, imposed a cost of Rs 50,000 on Sharma but later reduced it to Rs 25,000 after he repeatedly requested for leniency.
In his petition, Sharma had alleged that the properties of the company were undervalued and sold to Vedanta group at a throwaway price.
"Issue writ of mandamus to declare/quash impugned undervalued sale transactions of equity shares of HZL dated April 2002 and August 2003 by the disinvestment ministry being illegal, fraudulent within criminal conspiracy," the petition had said.
Vedanta group company Sterlite Opportunities and Ventures (SOVL) holds around 64 percent stake in HZL. SOVL had initially acquired 26 percent stake in HZL in 2002.
Subsequently, it bought 20 percent public holding in the company. In 2003, it acquired additional 18.92 percent stake from the government exercising call option.
Hind Zinc stock price
On July 04, 2014, Hindustan Zinc closed at Rs 166.85, down Rs 0.85, or 0.51 percent. The 52-week high of the share was Rs 184.00 and the 52-week low was Rs 94.00.
The company's trailing 12-month (TTM) EPS was at Rs 16.34 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 10.21. The latest book value of the company is Rs 88.56 per share. At current value, the price-to-book value of the company is 1.88.
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