by admin | May 25, 2021 | Corporate, Corporate Buzz, News
New Delhi : In a set-back to Vedanta, the Supreme Court on Monday refused to order the re-opening of its Sterlite Copper Smelting plant located in Tamil Nadu as it set-aside the National Green Tribunal’s (NGT) December 15 order on the grounds of jurisdiction.
Setting aside the NGT order on maintainability, a bench of Justice Rohinton Fali Nariman and Justice Vineet Saran asked Vedanta to approach the High Court and since the Thoothukudi plant has been locked up for quite some time, they could urge the High Court Chief Justice for an expeditious hearing and interim relief.
The plant was shut down permanently on May 28, 2018, when the state government had ordered the Tamil Nadu Pollution Control Board (TNPCB) to seal and “permanently” close the plant in the wake of protests over pollution concerns.
The protests had turned violent, resulting in the death of 13 people in police firing on May 22-23 in Tuticorin, officially called the Thoothukudi port city.
The top court verdict came on the TNPCB’s plea against the December 15, 2018, NGT order directing it to give its consent.
The grant of consent by the state pollution control board was subject to the satisfaction of certain conditions by Vedanta.
The TNPCB had in the course of arguments asserted that the copper smelting plant was the cause of near irreversible ground water pollution and thus could not be allowed to resume operation.
On the other hand, Vedanta had described as “political” the decision to put the plant under the lock.
Vedanta had contended that the high level ground water pollution was not limited just to Thoothukudi alone, and that similar situation existed in other parts of the state.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Buzz, News
New Delhi : Mining major Vedanta on Thursday said it is yet to get the Madras High Court’s notice to the group’s Sterlite Copper plant on a petition seeking Rs 750 crore compensation, and added it will “evaluate further course of action” only after receiving it.
The high court on Tuesday ordered a probe by the Central Bureau of Investigation (CBI) into the police firing in Tamil Nadu’s Tuticorin on May 22, in which 13 people were killed.
The victims were taking part in a protest against the Sterlite Copper smelter plant.
“This is with reference to your email regarding a news item titled ‘Madras HC issues notice to Vedanta’s Sterlite on plea for Rs 7.5 bn relief’,” the London-listed company led by Anil Agarwal said in a filing to the Bombay Stock Exchange (BSE).
With Vedanta Resources still awaiting the notice, as well as the copy of the petition, from the court, the BSE filing said: “The company upon receipt of the communication, will make necessary announcement.”
The high court earlier this week issued the notice on a petition seeking Rs 750 crore towards rehabilitation of people who are affected by the pollution allegedly caused by the plant and towards relief of victims injured in the May police firing.
The court also quashed the charges slapped against six protesters under the National Security Act for their role in the violence. About 60 persons were injured in the police firing.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Large Enterprise
Kolkata : Debt-ridden Electrosteel Steels on Tuesday said four companies- Tata Steel, Vedanta, Renaissance Steel India and Edelweiss Alternative Asset Advisors Pte -have submitted bids to its Resolution Professional, under the corporate insolvency resolution process in terms of the Insolvency and Bankruptcy Code, 2016 (IBC).
The company, which owes lenders Rs 11,309 crore, had been referred to the bankruptcy court by the State Bank of India (SBI) under Section 7 of the IBC following a nudge from the Reserve Bank of India. The RBI had asked banks to refer a dozen troubled companies to the National Company Law Tribunal (NCLT).
The company said the corporate insolvency resolution process, in terms of IBC, was commenced against it pursuant to the order dated July 21, 2017 passed by National Company Law Tribunal’s (NCLT), Kolkata bench.
The Resolution Professional had issued an expression of interest requesting prospective investors i.e. potential resolution applicants to submit their bids in relation to the corporate insolvency resolution of the company.
As intimated by the RP, on close of business on January 4, four resolution plans werre received, the company said in a regulatory filing.
It said the plans have been received from “Renaissance Steel India Private Ltd, Tata Steel Ltd, Vedanta Ltd and Edelweiss Alternative Asset Advisor Pte Ltd acting as the investment advisor of EISAF II and EC Holdings, with support of Edelweiss Asset Reconstruction Company Ltd”.
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
Ranchi, (IANS) Mining conglomerate Vedanta on Friday signed an MoU with the Jharkhand government to set up a steel plant of one million tonnes capacity in the state.
“We will set up the hot iron and ductile iron (DI) pipe plant in the state. The company will invest Rs.15,000 crore to Rs.17,000 crore in the project. We have spotted two locations for the proposed plant,” Vedanta CEO Kishore Kumar told reporters here.
Additional chief secretary (industries) U.P. Singh said: “The proposed plant is likely to create 2,000 to 2,500 jobs. The proposed site for the plant is in Seraikela-Kharsawan district.”
The company needs 390 acres of land. Referring to the issue of land acquisition, Vedanta CEO Kumar said: “We are hopeful that we will set up the plant without any hassle.”
The plant is likely to be functional by 2020-2021.
