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Supreme Court Reverses High Court Closure Order

3 Apr 2013 07:00

RNS Number : 4284B
Vedanta Resources PLC
03 April 2013
 



3 April 2013

Vedanta Resources plc

Supreme Court Reverses High Court Closure Order on Tuticorin Smelter

 

Vedanta Resources plc's subsidiary, Sterlite Industries (India) Limited issued the following release.

-----------------------------------------------------------------------------------------------------------------------------

Sterlite Industries (India) Limited

Supreme Court Reverses High Court Closure Order on Tuticorin Smelter

 

Tuticorin, India: April 02, 2013

 

The Hon'ble Supreme Court of India vide its judgment dated April 02, 2013 has allowed the

appeal of the Company and set aside the judgment of the Madras High Court order dated

September 29, 2010 vide which the Company's Tuticorin Smelter was ordered to be closed.

 

The Company had appealed against the Madras High Court order closing the Tuticorin Smelter

(Unit). The Apex Court had initially stayed the Madras High Court judgment vide interim order

dated 01-10-2010.

 

The Apex Court had appointed a team of NEERI, TNPCB and CPCB to carry out inspection of the Unit. NEERI submitted its report confirming that the Unit meets the required standards and made certain recommendations for improvements, which were implemented.

 

The Hon'ble Supreme Court after being satisfied has allowed the appeal of the Company. The

Apex Court as part of environment commitment of the Company has asked to deposit Rs.100

crore to the Collector, Tuticorin. This money will be kept in a Nationalized bank and the interest

will be used to improve the air and water environment of Tuticorin.

 

We welcome the judgment given by the Hon'ble Supreme Court. We will continue to work in

close association with the Government of Tamil Nadu and other regulatory bodies, towards

maintaining highest standards of Health, Safety and Environment.

 

For further information, please contact:

Investors

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

ir@vedanta.co.in

Tel: +91 22 6646 1531

 

Media

Gordon Simpson

Finsbury

Tel: +44 20 7251 3801

 

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified global natural resources major. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit www.vedantaresources.com.

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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