Sterlite Industries (India) Ltd. said the Supreme Court of India vide its judgment dated April 2 had allowed the appeal of the company and set aside the judgment of the Madras High Court order dated September 29, 2010, vide which the company's Tuticorin Smelter was ordered to be closed.
The apex court had initially stayed the Madras High Court judgment vide interim order dated October 1, 2010.
The apex court had appointed a team of NEERI, TNPCB and CPCB to carry out inspection of the unit. NEERI submitted its reports confirming that the unit meets the required standards and made certain recommendations for improvements which were implemented.
The Supreme Court after being satisfied has allowed the appeal of the company. The apex court as part of environment commitment of the company has asked to deposit Rs.100 crore to the Collector, Tuticorin. This money will be kept in a Nationalized bank and the interest will be used to improve the air and water environment of Tuticorin.
While welcoming the Supreme Court judgment, the company said it would 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.
At the BSE, Sterlite Industries (India) shares are currently trading at Rs.92.80, down 0.32 percent from the previous close.
For comments and feedback: editorial@rttnews.com