The Supreme Court on Tuesday said the Centre could not privatise oil PSUs -- HPCL [ Get Quote ] and BPCL [ Get Quote ] -- without prior approval from Parliament.

Following are the highlights of the judgement:

• Government restrained from proceeding any further on the privatisiation of HPCL and BPCL
• Privatisation of HPCL and BPCL without prior approval from Parliament 'not permissible at all.'
• Balco judgement not applicable as the aluminium company was not created by an Act of Parliament like the public sector oil companies.
• The government should approach Parliament for amending the parliamentary laws to permit divestment.
• Character of oil PSUs as government companies provided in the statute cannot be changed by an executive decision.
• If the government was permitted to divest its stake in the PSUs below 51 per cent making them ordinary companies, it would have been provided for in the statute.
• If divestment takes place and the PSUs cease to be Government companies, the parliamentary laws providing that they should be government companies 'will be a fallacy.'