KOLKATA: A division bench of the Calcutta High Court dismissed a petition seeking a CBI investigation into the revenues of the West Bengal government's disinvestment of its stake in the erstwhile joint venture Metro Dairy Limited on Monday.

Chief Justice Prakash Srivastava and Justice Rajasrshi Bharadwaj of the Calcutta High Court said there was no need for the court to intervene in the process because the state government did not use an opaque sale of shares. The division bench further noted that the process of disinvestment was neither arbitrary nor illegitimate.

The Calcutta High Court's division bench ruled on a petition filed by Adhir Ranjan Chowdhury, the president of the West Bengal Pradesh Congress Committee (WBPCC) and a senior party MP, alleging a lack of transparency in the process by which the state government disinvested its 47 percent stake in Metro Dairy Limited. The disinvestment, according to Chowdhury's appeal, resulted in a tremendous loss of money for the public exchequer.

In this appeal, Chowdhury points out that the state government sold its 47 percent ownership in Keventer Group to a private business for just Rs 85 crore in 2017.

Railways officer, 2 others arrested by CBI for taking Rs 80,000 bribe

Tamil Nadu Govt appoints Panel to study impact of online gaming

Four police officers get 4-week jail term in contempt case in Telengana