3rd Apr 2013 07:00
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.
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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
| 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.
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