Calcutta High Court on Monday voiced out that the state’s decision to vend 47% shares of Metro Dairy that was limited to Kaventer Agro was “neither illegal nor irrational”. The court also further added to it by stating that the state should not be condemned for any “dull or opaque procedure for share sell”.
In an 18 page judgment , the HC abandoned MP Adhir Ranjan Chowdhury’s plea seekina a probe by a committee that is headed by a HC judge , into the transfers of the shares. There were several senior officers who were interrogated by the CBI and the Enforcement Directorate regarding this issue. The central agency was also into this case.
The HC said that “Metro dairy courts will hinder if any unlawfulness is committed” and it’s not for the courts to “contemplate the relative advantages of different policies of the economic”.
Further adding to it HC stated that the disinvestment of shares is a policy decision required in a complex economic factor and it is not for the court to look out whether the particular disinvestment of share is desirable or not. In the current case, nothing has been pointed out to reveal that the decision of the state to vend out 47% of the share to MDL is illegal in anyway.
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