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News on Medial
SC dismisses Vedanta plea to reopen copper plant
Thehindubusinessline
·
1y ago
Medial
The Indian Supreme Court has upheld the closure of Vedanta Sterlite's Thoothukudi copper plant, dismissing an appeal to reopen it. The court endorsed the public's right to health over industry gains, ruling that the plant's repeated breaches and serious violations of environmental regulations left no option but to shut it down. The court acknowledged the contributions of the plant to the nation's assets and the local economy but emphasized the principles of sustainable development, public trust, and holding polluters accountable. The closure of the plant in 2018 followed nearly three decades of local protests and came after previous attempts to address violations.
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Vedanta may file review petition in SC for re-opening of copper plant in Tamil Nadu
Money Control
·
1y ago
Medial
Mining conglomerate Vedanta Ltd is exploring legal options, including filing a review petition, after the Supreme Court dismissed its plea to reopen its Sterlite copper smelter plant in Tamil Nadu. The plant has been closed since May 2018 due to pollution concerns. The court emphasized the importance of the health and welfare of local residents. Vedanta Resources, the parent company, has been trying to strengthen its finances and is burdened with an outstanding debt of $6.4 billion.
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Big setback for Vedanta: SC junks plea for reopening Sterlite copper smelter plant in Tamil Nadu
Money Control
·
1y ago
Medial
The Supreme Court has rejected Vedanta's request to reopen its Sterlite copper smelter plant in Tamil Nadu. The court cited the principle of sustainable development and the health concerns of the residents as the basis for its decision. Vedanta was found to have failed to comply with legal obligations, including the removal of copper slabs from multiple sites. The closure of the plant in 2018 had led to violent protests resulting in fatalities. The Supreme Court had suggested the possibility of reopening the plant but the state government and pollution control board were not in agreement.
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Vedanta gains on plans to move SC on Sterlite copper plant reopening
Money Control
·
1y ago
Medial
Vedanta plans to file a review petition in the Supreme Court regarding the closure of its Thoothukudi copper smelter plant. The company's shares rose by 0.46% following the news. Vedanta had previously filed a special leave petition against the Madras HC's decision to close the plant, but the Supreme Court dismissed the plea on February 29. The court cited Vedanta's non-compliance with legal obligations as the reason for the decision. The stock price of Vedanta has risen more than 18% in the past six months.
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Tamil Nadu to SC: Vedanta’s Sterlite Copper not a national asset
Livemint
·
1y ago
Medial
The Tamil Nadu government has stated that Vedanta Ltd's Sterlite Copper plant should not be considered a national asset and argued that Adani Group's upcoming copper smelter plant in Gujarat can fulfill India's copper demand. The Sterlite Copper plant, which was shut down in 2018 due to protests, contributed to 40% of India's copper demand. The state government opposed reopening the plant, citing allegations of pollution and stating that the closure has not caused any economic loss to the region. Vedanta, however, expressed its willingness to form a committee and abide by its recommendations for reopening the plant.
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SC defers plea on re-opening Vedanta's Tamil Nadu copper smelter plant to Feb 20
Money Control
·
1y ago
Medial
The Supreme Court has deferred the hearing on Vedanta's plea to February 20, regarding the reopening of its Sterlite copper smelter plant in Tamil Nadu. The court suggested the formation of a committee to study the feasibility of reopening the plant, and senior advocates representing Tamil Nadu and the state's pollution control board expressed their intention to consult with stakeholders. The plant was closed in 2018 due to violent protests and alleged violations of environmental norms. Vedanta is seeking periodic access to the plant for maintenance work.
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SC Dismisses MakeMyTrip’s Trademark Claim Against Google
Inc42
·
1y ago
Medial
MakeMyTrip's plea against Google, alleging trademark infringement through the use of its registered trademarks as keywords in the Google Ads program, has been dismissed by the Supreme Court of India. The court stated that there is no possibility of confusion as users would not log into Booking.com if they intended to use MakeMyTrip. MakeMyTrip had previously obtained an injunction against Google and Booking.com, but it was later removed by the Delhi High Court. The case has now been referred back to the single judge for further clarification.
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Finsider International sells Rs 1,737 crore worth of shares in Vedanta
Money Control
·
1y ago
Medial
Finsider International Company has sold 6.55 crore shares of Vedanta Limited, amounting to an Rs 8.2-crore share deal. The name of the buyers was not disclosed. The stake sale comes as Vedanta is facing a significant amount of outstanding debt. The stock price of Vedanta fell by 4 percent earlier in the day. The company is also facing a potential restart of its shut Sterlite copper smelting plant, which was closed in 2018 following protests resulting in fatalities.
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Vedanta announces ₹4,000 cr dividend, plans to raise ₹8,500 cr
Livemint
·
1y ago
Medial
Mining and metals major Vedanta Ltd plans to raise ₹8,500 crore ($1.17 billion) in capital through equity or debt channels. The company also declared an interim dividend of ₹11 per share, totalling ₹4,089 crore. Additionally, it announced an investment in its Saudi Arabian unit to set up a copper rod plant, citing growth opportunities in new geographies. Vedanta has a history of high dividends, driven by parent company Vedanta Resources' debt payment needs. The firm's shares have gained nearly 70% since the start of the year.
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Vedanta in talks with IHC unit, investors for Zambian copper stake sale
VCCircle
·
1y ago
Medial
Vedanta Resources, owned by Indian billionaire Anil Agarwal, is in talks with investors, including International Resources Holding (IRH), to sell a stake in its Zambian copper assets. IRH, a unit of UAE's International Holding Company, is conducting due diligence on acquiring a stake in Konkola Copper Mines (KCM). Vedanta wants the funds to revive operations and boost copper output. While IRH has shown interest in acquiring more than a 30% stake, negotiations are ongoing. Other long-term investors are also exploring investment opportunities in KCM. Vedanta aims to gradually increase copper output at the Konkola mines over the next five years.
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SC dismisses Byju Raveendran's plea against NCLAT order - The Economic Times
Economic Times
·
9d ago
Medial
The Supreme Court dismissed Byju Raveendran's plea challenging an NCLAT order requiring the settlement of BCCI's claim to be reviewed by Byju's Committee of Creditors. The court maintained that such procedures comply with the legal framework for withdrawal of insolvency proceedings, emphasizing that any alteration could undermine the process. The issue stemmed from unpaid sponsorship dues, which initially led BCCI to initiate insolvency proceedings against Byju's. A settlement was reached, but procedural complications ensued.
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