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VEDL - Vedanta News Story

₹302 -7.1  -2.3%

Last Trade - 17/09/21

Sector
Basic Materials
Size
Large Cap
Market Cap £11.03bn
Enterprise Value £12.95bn
Revenue £9.90bn
Position in Universe 45th / 3148

Vedanta says to challenge appointment of provisional liquidator of Zambia's KCM

Thu 23rd May, 2019 7:13pm
LUSAKA, May 23 (Reuters) - Vedanta Resources  VDAN.NS  said
on Thursday it will challenge in court a decision by Zambia's
High Court to appoint a legal firm as a provisional liquidator
of Konkola Copper Mines (KCM).
    The liquidation application was brought against
Vedanta-controlled KCM by Zambian state-owned ZCCM-IH, which
holds a 20.6% stake in the unit.
    "Vedanta has serious concerns about the intentions of the
applicants and the procedures that were followed by ZCCM-IH as a
representative of government to obtain a provisional liquidation
order on an ex parte basis against KCM in an apparent misuse of
the legal process to date," the company said in a statement. 

 (Reporting by Chris Mfula; Writing by Olivia Kumwenda-Mtambo
Editing by Alexandra Hudson)
 ((Olivia.Kumwenda@thomsonreuters.com; +27 11 595 2817; Reuters
Messaging: olivia.kumwenda.thomsonreuters.com@reuters.net))
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