India-focused miner Vedanta Resources Plc (VED.L) Wednesday said the Supreme Court of India has allowed an appeal and reversed the Madras High Court's order to shut down copper smelter of its Indian subsidiary Sterlite Industries (India) Ltd., in Tuticorin in the southern state of Tamil Nadu, for violation of environmental norms. The plant was closed by an order of the High Court on September 29, 2010.
The Apex Court had appointed a team comprising National Environmental Engineering Research Institute or NEERI, Tamil Nadu Pollution Control Board or TNPCB, and Central Pollution Control Board, or CPCB to carry out inspection of the unit. The team reported that the unit has met the required standards and made certain recommendations for improvements of the unit, which were implemented by the firm.
The Apex Court has asked the company to deposit Indian Rupees 100 crore to the Collector, Tuticorin, as part of environment commitment of the company and the amount will be kept in a Nationalized bank and the interest will be used to improve air and water environment of Tuticorin.
"We welcome the judgment given by the Hon'ble Supreme Court. We will continue to work in close association with the Government of Tamil Nadu and other regulatory bodies, towards maintaining highest standards of Health, Safety and Environment, " Sterlite added.
On Tuesday, Vedanta announced that Sterlite was ordered by the TNPCB to shut down its copper smelter in Tuticorin following a few complaints of emission, on March 23. The firm said it provided all technical details of the operations to the TNPCB and confirmed that all parameters and key readings of the particular period were well within the permissible range.
Separately, Vedanta's subsidiaries, Sesa Goa Ltd., and Sterlite announced that the High Court of Bombay at Goa has approved a Scheme of Amalgamation and Arrangement amongst Sterlite, Madras Aluminium Co., Ltd., Sterlite Energy Ltd., Vedanta Aluminium Ltd., and Sesa Goa Ltd., and their respective shareholders and creditors, to create Sesa Sterlite.
The Scheme is also subject to approval of the High Court of Madras wherein the hearings have completed and the order is awaited.
VED.L is currently trading at 1,028 pence, up 36 pence or 3.63 percent, on a volume of 888,973 shares on the LSE.
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