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Vedanta's subsidiary faces legal suit; shares decline 2%

PTI/Agencies, New Delhi
11/04/2019   0 Comments

Shares of Vedanta declined over 2 per cent in morning trade on Thursday as the possibility of a legal suit against its subsidiary Konkola Copper Mines (KCM) in the UK looms.  Acoording to a PTI report, the UK Supreme Court on Wednesday ruled in favour of thousands of Zambian villagers seeking the right to sue a subsidiary of UK-headquartered Indian mining giant Vedanta in the UK courts. The case relates to allegations of pollution by villagers living near the massive Nchanga Copper mine, owned by Vedanta subsidiary Konkola Copper Mines (KCM). While the Anil Agarwal owned mining group had argued that the case should be heard in Zambia, 1,826 villagers were fighting for the right to seek compensation in British courts for several years, the report further added. Separately, an ET report said that the company moved the Supreme Court of India for access to closed copper plant in Tuticorin, Tamil Nadu, for repair and maintenance. It cited the high court’s ‘inordinate delay’ in hearing the case and quantified loss at Rs 5 crore daily. The Supreme Court had directed the company, earlier this year, to move the Madras High Court against a Tamil Nadu State Pollution Control Board order that shut it down, after setting aside an NGT order which had directed that it be reopened subject to taking all safeguards. Shares of the company traded 2.04 per cent down at Rs 184.45 apiece around 9:55 am on BSE. 
 

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