Vedanta Delisting From ISE: Anil Agarwal Delist Vedanta Limited from ISE

By | May 12, 2020

Vedanta Delisting From ISE: Anil Agarwal Delist Vedanta Limited from ISE:

Anil Agarwal Delist Vedanta Limited from ISE

The Metals and mining magnate billionaire Anil Agarwal says that Vedanta will delist from the Indian stock exchanges (ISE) on May 12th 2020.

Vedanta Limited, formerly known as Sesa Sterlite/Sesa Goa Limited, is a mining company based in India, with its main operations in iron ore, gold and Aluminium mines in Goa, Karnataka, Rajasthan and Odisha. It is 50% owned by Vedanta Resources (a UK based company controlled by the Anil Agarwal family) and 50% owned by other entities including the public, mutual funds and foreign investors.

In 2001, Sterlite industries, BPL and Videocon were found guilty by the Securities Exchange Board of India (SEBI) of having colluded with the broker Harshad Mehta and 17 brokers (10 from BSE and 7 from NSE) in a bid to corner shares and rig shares prices. This resulted in a ban on Sterlite from accessing capital markets for 2 years.aSubsequent to this, in 2003, Vedanta Resources (UK) was listed on the London Stock Exchange. Vedanta Resources itself is a holding company that owns many entities including a large proportion of Vedanta Limited and Sterlite industries.

In early 2018, thousands of residents of Tuticorin began to protest against the Sterlite plant located in the industrial complex there. The protests continued for three months and began to draw the attention of the media as well as local political parties who began to instigate as well as mobilise locals. Most of the protests were related to what locals perceived to be pollution from the Sterlite factory. The managers of Sterlite countered that there were another four similar plants adjacent to them, and that they were complying with all government regulations.

There was little equipment, either with the plant or with the government to take actual measurements of the air in the vicinity. Sterlite further countered that contrary to the rumours that were being circulated, they did not pump any water from the plant into the sea which lay more than 10 kilometers away. In April 2018, the Government of Tamil Nadu placed an order to close down the factory.This order was temporarily cancelled by the district collector.

In May 2018, amidst ongoing protests by thousands of people, matters turned rough one day and the police opened fire on demonstrators.The firing killed 13 people and protesters turned violent, burning vehicles and structures. Residents say the copper smelter is causing environmental damage. Subsequent to the firing, the Tamil Nadu chief minister Palaniswami ordered a judicial inquiry into the shootings but defended the police response.

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