Reopening decade-old PSU sales is a very bad idea

Given it was the NDA that privatised both Hindustan Zinc Ltd (HZL) and Balco, chances are the current set of bureaucrats may not be too anxious to defend the CBI investigation into the HZL sale in 2002. But tempting as it might be to allow the officers involved then to face the CBI—the agency has asked for details of all the officers—the government has to keep in mind it has R16,500 crore riding on it convincing the CBI there was no mala fide and then convincing Parliament to allow it to sell its residual 30% stake in the company.

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