Skip to content
Search

Latest Stories

Court concludes hearing on Vedanta’s Indian plant

AN Indian court has reserved orders on a petition moved by mining major Vedanta Limited challenging the closure of its copper smelter unit at Thootukudi in southern Indian state of Tamil Nadu in May 2018.

Concluding the hearing of arguments after 39 days, a special bench of Justices TS Sivagnanam and V Bhavani Subbaroyan of Madras High Court said on Wednesday (9) it would try to deliver the order as expeditiously as possible.


Vedanta had approached the high court on in February last year seeking to reopen the Sterlite plant which was closed following a May 23, 2018 order issued by the Tamil Nadu Pollution Control Board (TNPCB) in the backdrop of violent protests against the unit that left 13 people dead in police firing on May 21 and 22.

Vedanta had moved the plea as suggested by the Supreme Court.

The top court had on February 18, 2019, set aside the National Green Tribunal order that allowed the opening of the Sterlite Plant, which was at the centre of massive protests over pollution concerns.

It, however, gave the liberty to the company to approach the high court against the closure orders of the Tamil Nadu government and its state pollution control board.

An interim relief sought by Vedanta to permit access to the 200-acre factory premises to carry out maintenance work was rejected by the high court based on the assurance provided by the state that it would take responsibility of the premises.

The state government and TNPCB represented by the Advocate General Vijay Narayan and senior counsel CS Vaidyanathan opposed the plea for reopening of the plant, terming Sterlite as a 'chronic' defaulter.

"Unrestrained pollution appears to be standard modus operandi of the company, as it has been found guilty of various violations globally," they had contended.

Vedanta's senior counsels Aryama Sundaram and PS Raman countered the arguments, claiming that the closure order was nothing but 'naked discrimination' against the company.

The company also contended that the GO was only a knee-jerk reaction of the state to 'appease' a section of public with vested interest after 13 protesters were killed in the police firing.

It also alleged the hand of a Chinese company behind its closure and claimed the company which has financial interest in copper manufacturing was funding the protesters to agitate against Sterlite which is one of the biggest copper manufacturers with state-of-the-art technology.

Citing TNPCB pollution statistics, Vedanta claimed that a person living inside Sterlite is safer than a person living in Anna Nagar locality in Chennai.

Opposing the submissions, impleading petitioners in the plea Professor Fathima and Makkal Adhigaram told the court that the environment in Thoothukudi had actually improved after the closure of the plant.

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less