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SC rules in favor of Vedanta, moves to SEBI for delisting
Courtesy/By: KANIKA GOSWAMY | 2020-09-19 14:43 Views : 463
Vedanta Limited is a mining company based in India, the main operations of the company are in iron ore, gold, and aluminum mines in Goa, Karnataka, Rajasthan, and Odisha. In Vedanta and Videocon's case, the Supreme Court of India has upheld the foreign arbitration award which was for the development of rubber oil and gas fields on the coast of Andhra Pradesh. Vedanta, then Cairn India, along with Videocon had entered into a production-sharing contract (PSC) for Ravva oil fields. The supreme court has dismissed the plea of the central government that stated that Anil Agarwal is a company along with Videocon Industries can only recover 190.85 million dollars. However, the court held that 499 million dollars can be recovered. After the verdict was given the shares of a Vedanta jump to 3% which is and an intraday high of rupees 138.8. The Rawa oil and gas fields case came into the public light when Vedanta acquired it and in 2011 one and arbitration award in Malaysia for higher recoveries and then sort its enforcement in India.
The Delhi High Court refused to interfere with the arbitral award and the central government than a field in the supreme court claiming it was against the Indian law. The Supreme Court held that it could not re-examine the evidence given by the foreign arbitration tribunal and stated that the Malaysian Court had rightly examined the award it also stated that it is not contrary to India's public policy or any law as stated by the central government.
The Vedanta resources Limited then approach the Securities and Exchange Board of India for necessary approvals to start the reverse book building process. Vedanta Limited was rumored to be delisted from the Indian Stock Exchange. Securities and exchange board Board of India might give its decision by the next week full stop the reverse book building process is likely to be open for only 5 days and The Final Exit of a prize which is the price at which equity shares accepted through eligible beds will take the shareholding of Vedanta resources. Their current public shareholding is 49.49%.
This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.
Courtesy/By: KANIKA GOSWAMY | 2020-09-19 14:43