The Supreme Court Monday dismissed a PIL seeking quashing of 10 percent disinvestment of Coal India Limited in 2010 as the non-disclosure of actual coal reserves of 124 billion tonnes caused a loss of Rs.1.7 lakh crore to the exchequer.
Dismissing the petition by one Ehsan Khalid, the apex court bench headed by Justice R.M. Lodha said the court would not invoke its power of judicial review unless the disinvestment policy was non-transparent and arbitrary.
"In a matter of policies, particularly economic policies, this court does not interfere by invoking its power of judicial review unless the impugned policy is found to be grossly unfair, unreasonable and arbitrary," Justice Lodha said in his order.
At the time of disinvestment, it was stated that CIL's reserves stood at 64 billion tonnes which was subsequently revised to 124 billion tonnes, the PIL petitioner had contended.