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VEDL - Vedanta News Story

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Last Trade - 23/09/20

Sector
Basic Materials
Size
Large Cap
Market Cap £5.14bn
Enterprise Value £9.14bn
Revenue £9.02bn
Position in Universe 57th / 3010

UPDATE 1-Court set to hear case on winding up Vedanta's Zambian business June 20

Tue 11th June, 2019 3:25pm
* Date to be confirmed on June 17
    * Court case watched by rest of industry
    * Worries about resource nationalism rising

 (Updates with court decision)
    LUSAKA, June 11 (Reuters) - A Lusaka court said on Tuesday a
hearing had been provisionally set for June 20 to consider an
application by Vedanta Resources to be represented by its own
lawyers in proceedings to wind up its Konkola Copper Mines (KCM)
business in Zambia, lawyers said.
    Vedanta Resources  VDAN.NS  is challenging the appointment
of a provisional liquidator without being given the chance to be
heard through lawyers of its choice. 
    The company said in a statement on Tuesday the court would
confirm on June 17 whether it would go ahead with a hearing on
Vedanta's application on June 20.
    According to a notice filed in court on June 6, Vedanta
wants to be represented by lawyers Nchito & Nchito and not those
appointed by the provisional liquidator.  urn:newsml:reuters.com:*:nL8N23B3QH 
    Vedanta Resources, part-owner of the Mumbai-listed Vedanta
group of companies  VDAN.NS , is KCM's majority shareholder, 
while Zambian state mining company ZCCM-IH  ZCCM.LZ  holds a
stake of about 20%. 
    "Vedanta does not consider that there are just and equitable
grounds to wind up KCM and will defend all attempts to do so,"
Vedanta said.
    Zambia's decision to name a provisional liquidator to run
KCM, one of the country's biggest employers, has unnerved
international miners concerned about rising resource nationalism
in Zambia and neighbouring countries. 
    The Zambian government says KCM has breached the terms of
its licence.  urn:newsml:reuters.com:*:nL8N23715G 

 (Reporting by Chris Mfula in Lusaka
Writing by Barbara Lewis
Editing by Tom Hogue and Edmund Blair)
 ((chris.mfula@thomsonreuters.com;))
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