New Delhi: The Supreme Court on Thursday dismissed a plea which had challenged the validity of the Cairn-Vedanta deal and said there was nothing malafide in the transaction. The court was hearing a petition challenging the validity of the $8.5 billion Cairn-Vedanta deal and had sought a CBI probe into it.
"There were no extraneous considerations involved in the deal and it should not be interfered with by the court. The Centre and ONGC's decision on the USD 8.5 billion deal was taken after due deliberation," the apex court said.
The PIL filed alleged that there was a clause in the agreement between Cairn group and ONGC that in case Cairn group wanted to sell its shares in Cairn India, it would first offer the same to ONGC and this right was "not asserted" by the PSU and the Centre.
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11:59 AM, May 09, 2013
The Joint Parliamentary Committee on the 2G spectrum scam on Thursday gave a clean chit to Prime Minister Manmohan Singh and Finance Minister P Chidambaram, saying that the duo was not informed of the change in policy by the then telecom minister A Raja. ...
09:11 PM, Apr 18, 2013
Vedanta Aluminium's plan to mine the bauxite-rich Niyamgiri mountains in Kalahandi district in Orissa suffered a major jolt after the the Supreme Court on Thursday said that consent must be taken from the Gram Sabha first. ...
08:59 PM, Apr 18, 2013
The lawyer of Dongriya Kondh Tribals, Ritwik Dutta, welcomed the Supreme Court verdict on Vedanta's mining project in Odisha saying the judgment gives importance to the Gram Sabha. ...
03:50 PM, Apr 18, 2013
New Delhi: Vedanta will be allowed to mine in the Niyamgiri Hills in Kalahandi district of Odisha only if the Gram Sabha allows, said the Supreme Court on Thursday, adding the final decision on the project would be taken by the Ministry of Environment and Forests in consultation with the Gram Sabha. The Gram Sabhas of Rayagada and Kalahandi districts of Odisha will decide in three months on issues arising...
10:45 AM, Apr 18, 2013
New Delhi: The Supreme Court will on Thursday pronounce its verdict on whether Vedanta should be allowed to mine aluminium in the Niyamgiri Hills in Kalahandi district of Odisha or not. In 2008, the Supreme Court gave phase 2 clearance to Vedanta to mine at Niyamgiri but after Congress vice president Rahul Gandhi's rally in Kalahandi, the Ministry of Environment and Forests cancelled the clearance in August 2010. The project...
07:45 AM, Apr 18, 2013
Chennai: The National Green Tribunal on Friday said a four-member committee would be set up to study the current status of the controversial copper smelting plant of Sterlite Industries at Tuticorin. The committee, comprising two members from the Tribunal and one each from Sterlite Industries and Tamil Nadu Pollution Control Board (TNPCB), would submit its report on April 29 on the functioning of the plant, said the bench of Justice...
05:38 PM, Apr 12, 2013
The MDMK on Tuesday said it would challenge the Supreme Court's order asking Sterlite Industries, a subsidiary of UK-based Vedanta Group to pay Rs 100 crore as compensation for polluting the environment and vowed to continue its fight against restarting of operations. ...
04:49 PM, Apr 02, 2013
The Supreme Court on Tuesday imposed a fine of Rs 100 crore on Sterlite Industries, part of Vedanta Resources, for polluting environment through its copper smelting plant in Tamil Nadu. However, the apex court refused to direct closure of the plant in Tuticorin. ...
12:12 PM, Apr 02, 2013
The Tamil Nadu Pollution Control Board (TNPCB) on Friday ordered closure of the Tuticorin copper smelting plant of Sterlite Industries, part of Vedanta Resources group, with immediate effect, and power supply to the plant has been cut off, a company official said. ...
05:19 AM, Mar 31, 2013
The Tamil Nadu Pollution Control Board (TNPCB) Friday ordered closure of the Tuticorin copper smelting plant of Sterlite Industries, a subsidiary of Vedanta group, with immediate effect, and power supply to the plant has been cut off, a company official said. "The TNPCB issued the order to shut down the plant with immediate effect and the power utility yesterday (Friday) night disconnected the power supply to the plant. We are...
02:39 PM, Mar 30, 2013
Mumbai: Cairn Energy is selling an 8 per cent stake in Cairn India for up to $940 million, a source with direct knowledge of the matter said, in a second such deal in three months to pare holding in its former Indian unit. Cairn Energy last year sold a controlling stake in Cairn India to London-listed miner Vedanta Resources in an $8.7 billion deal. The British oil firm owned nearly...
12:54 AM, Sep 25, 2012
London-based Vedanta Resources is keen on buying a minority stake in an oil refinery planned in Rajasthan, the Hindustan Times reported on Sunday citing a government statement. The refinery coming up at Barmer will have an annual capacity of 9 million tonnes and is expected to cost about 200 billion rupees, the report said. Vedanta founder Anil Agarwal met Ashok Gehlot, the chief minister of Rajasthan state, in New Delhi...
01:10 AM, Jul 09, 2012
Shareholders of iron ore miner Sesa Goa have approved of the Sesa-Sterlite merger, against analysts expectation of some opposition. Shares of Sesa Goa reacted to this news and were up 1.26 per cent to Rs 188.25. On February 25, London Stock Exchange-listed Vedanta Resources (parent company of Sesa-Sterlite) had announced to restructure its operations. As per this, all of Vedanta's subsidiaries, except Konkola Copper Mines, will be merged into Sesa...
06:41 PM, Jun 25, 2012
London: The British Safety Council on Monday announced the suspension of its 2012 International Safety Award recently conferred on mining major Vedanta Aluminium Limited's Lanjigarh refinery in Odisha. A press release from the BSC said information had been brought to its attention concerning a fatality at the site in April 2012. It said investigation was necessary to determine whether the stringent eligibility conditions for making such awards had been complied...
10:46 PM, May 14, 2012
New Delhi: The Supreme Court has issued notices to the Central Government, ONGC, Cairn Energy and Vedanta Resources on a petition that seeks criminal investigation and scrapping of the Cairn-Vedanta deal that has allegedly caused huge loss to ONGC. The government had approved the acquisition of majority stake of Cairn India by Vedanta. The petition was filed on the ground that the offer should have gone first to the state-owned...
04:20 PM, Apr 23, 2012
London: Investors welcomed London-listed miner Vedanta's plan to streamline its structure, improve access to cash and reduce debt, saying the pressure is now on the company to implement the plan after a similar exercise failed more than three years ago. Shares in the India-focused miner, boosted last week by hopes of an imminent announcement of the restructuring, have underperformed the British mining sector index by about 25 per cent since...
03:01 AM, Feb 28, 2012
Mumbai: Vedanta Resources plans to simplify its structure by placing all but one of its subsidiaries under the umbrella of a single unit, to be named Sesa Sterlite, as part of efforts to cut costs, improve access to cash and reduce the India-focused miner's debt burden. FTSE-100 diversified miner Vedanta, which has underperformed the UK sector by more than 25 per cent since the start of last year, currently has...
12:49 AM, Feb 26, 2012
New Delhi: Renowned filmmaker Shyam Benegal has pulled out of a jury panel that was to judge a creative film competition organised by mining group Vedanta, as part of its media campaign, apparently aimed at improving its image. Benegal confirmed his resignation from the jury of the 'Creating Happiness Film Competition' but refused to give reasons. "Yes, I have pulled out (of the jury)," he told PTI. "I rather will...
05:27 PM, Feb 24, 2012
New Delhi: The Union Cabinet on Tuesday gave final approval to London-based mining group Vedanta Resources Plc's acquisition of a majority stake in Cairn India Ltd for USD 8.48 billion. The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh cleared the deal this evening, highly placed sources said. Fresh approval was necessitated in view of the Home Ministry pointing to alleged global and domestic "transgressions" by Vedanta...
08:04 PM, Jan 24, 2012
