The Supreme Court (SC) has cleared the divestment in Hindustan Zinc Limited (HZL), CNBC-TV18 reported. HZL has stopped being a government company as a government, ordinary shareholders, has 29.5 percent of residung shares, SC added.

The court added that the government has the right to make decisions about divestment share ownership, during the process of transparent and realized the best prices.

The Center looks for the closure of a preliminary investigation into the 2002 zinc divestment. However, the court argues that there is a case of the prime facie violation of the divestment norm in the sale of government pegs in 2002 and prohibits closure. The court directs regular CBI probes into it now.

In 2014, the Central Public Sector Company (CPSES) moved the application in the court that accused the undervaluation of shares during the 2002 divestment.

Following allegations, the Apex Court stayed further divestment from government shares in the company in 2016.

In March, the government moved to court seeking nods for distributing further interest of 29.54 percent.

HZL is one of the largest integrated zinc producers and leading and leading silver producers.

It has facilities at Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in Rajasthan, along with processing and zinc purification facilities and silver refinery in Pantnagar in Uttarakhand.