Vedanta Limited is an Indian multinational mining company headquartered in Mumbai , with its main operations in iron ore , gold and aluminium mines in Goa , Karnataka , Rajasthan and Odisha .
77-565: Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited . It was originally incorporated as Rainbow Investments in 1975, the name of the company was changed to Sterlite Cables in 1976. It was later renamed Sterlite Industries in 1986. With a restructuring in July 2000, the company is left with only a metal division comprising copper and aluminium divisions. In 1994, it acquired Madras Aluminium Company (MALCO) for ₹ 55 crores. Sterlite and its associate companies took
154-523: A cascading effect on the supply chain of chemicals and the associated industries that operate using products of Sterlite Copper. According to commerce ministry data, it impacted India's industrial metal exports and led to becoming a net importer beginning 2018-19. In March 2021, in a written response in the Lok Sabha, Pralhad Joshi , the Minister of Mines , Coal and Parliamentary Affairs , informed
231-601: A 55% stake in India Foils for ₹ 50 crores. This improved Sterlite's product mix from aluminum to aluminum foil with the largest market share of 65%. In 1999, the company acquired Copper Mines of Tasmania . In February 2011, Sterlite Industries acquired Lisheen Zinc Mine in Ireland from Taurus International S.A. , for a share value of approximately $ 546 million. In September 2013, SESA Goa, Sterlite Industries and Vedanta Aluminium merged to form Sesa Sterlite Limited . It
308-588: A bid to corner shares and rig shares prices. This resulted in a ban on the company from accessing capital markets for 2 years. In 2003, Vedanta Resources (UK) was listed on the London Stock Exchange in the second largest floatation of the year in LSE. Vedanta Resources is a holding company that owns many entities including a large proportion of Vedanta Limited and Sterlite industries. Vedanta Sterlite Copper Public Relations: Vedanta Sterlite Copper,
385-698: A copper mine in Australia . In late April 2021, considering the COVID-19 situation and oxygen requirement, Sterlite Copper received special permission from the Government of Tamil Nadu to produce medical oxygen at their copper smelter plant in Thoothukudi , which was closed since 2018 after the state government's order. The company generated and despatched over 542.92 metric tonnes of liquid medical oxygen by June 2021 to help India deal with COVID-19. This
462-490: 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
539-492: A lack of a comprehensive legal framework with stringent penalties, slow response times, and a lack of coordination with other regulatory bodies. In August 2024, Hindenburg Research , a short-selling activist firm, accused SEBI Chief Madhabi Puri Buch and her husband of having a stake in offshore entities which invested money into India. They alleged that these same funds, managed by IIFL Wealth , were used by Vinod Adani to artificially inflate shares of companies owned by
616-658: A loss in Ebitda of ₹235 crore and a revenue drop by 57% to ₹10,739 crore during the fiscal year 2018-19, compared to FY 2018-17, primarily due to the shutdown of Thoothukudi smelter in Tamil Nadu . In 2017-18, the company reported an Ebitda profit of ₹1,055 crore. The company's revenue was ₹24,951 crore in the FY18. In 2001, Sterlite industries, BPL and Videocon were found guilty by SEBI of having colluded with Harshad Mehta and 17 brokers (10 from BSE and 7 from NSE ) in
693-409: A major entity in the mining and metallurgy sector, collaborates with an official Public Relations agency to manage its public communications. The PR efforts are focused on providing accurate and transparent information to the public, stakeholders, and the wider community. The Thoothukudi Copper Smelting plant has been long-opposed by the local residents for polluting their environment as well as causing
770-516: A majority-owned subsidiary of Vedanta Resources Plc, listed on the London Stock Exchange , when Vedanta acquired 51% controlling stake from Mitsui & Co. , Ltd. In June 2009, Sesa Goa Limited acquired VS Dempo & Co. Private Limited (now Sesa Resources Limited) along with its fully owned subsidiary Dempo Mining Corporation (now Vedanta Limited) and 50% equity in Goa Maritime Private Limited. In 2010, Vedanta acquired
847-540: A pact with Foxconn as a technical partner to invest ₹ 1.54 trillion (US$ 18 billion) to set up semiconductor and display production plants in Gujarat. The venture intends to start manufacturing display and chip products within two years. The investment follows the Indian government commitment to expand incentives beyond an initial $ 10 billion plan for those investing in manufacturing of semiconductors . Barely
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#1732779495770924-536: A plea for reopening the plant in Tamil Nadu . During the end of the 90s, the company also began to consolidate through mergers and acquisitions. Sesa Kembla completed the creation of an indigenous and environment-friendly technology that produced high-quality metallurgical coke. This technology generated power as a by-product. In 2003, the Sesa Goa equity in Sesa Industries was raised to 88.25%, impacting
1001-572: A private limited company in 1963 under The Companies Act, 1956 . In 1979, Sesa Goa Private Limited was formed, with the merger of Sesa Goa Limited with another mining company in Goa, Mingoa Sociedade Miniera Goesa S.a.r.l. By 1965, Sesa Goa and Mingoa were incorporated as a private limited company under The Companies Act, 1956. The merger happened in 1979 and the new, unified company was called 'Sesa Goa Pvt Ltd'. The company went public in 1981 with 42,000 Indian shareholders , holding 60% of its shares and
1078-572: A range of health problems and has been subject to several closures, on grounds of violating environmental norms. The National Environmental Engineering Research Institute (NEERI) and the Tamil Nadu Pollution Control Board (TNPCB) found evidence that Sterlite contaminated the groundwater, air and soil with its effluents and also violated standards of operation. In 2010, the Madras High Court had ordered
1155-489: A restructuring exercise. SEBI is managed by its board of members, which consist of the following people: After the amendment of 1999, collective investment schemes were brought under SEBI except nidhis , chit funds and cooperatives. Madhabi Puri Buch took charge of chairman on 1 March 2022, replacing Ajay Tyagi, whose term ended on 28 February 2022. Madhabi Puri Buch is the first woman chairperson of SEBI. The board comprises: List of Chairmen: The Preamble of
1232-650: A scholarship program called Sterlite Educational Scholarship. In December 2018, it announced to allocate ₹ 100 crore (US$ 12 million) to set up social infrastructure, including building a hospital and one million trees plantation in Thoothukudi, Tamil Nadu. Sterlite donated ₹ 5 crore (US$ 599,095) to the Chief Minister's Public Relief Fund during COVID-19 pandemic in April 2021. Vedanta Limited Vedanta (then called Sterlite industries ) began in
1309-612: A shut down of the same plant, for violating environmental regulations which was subsequently challenged by the group in the Supreme Court. The Supreme Court, in April, 2013 struck down the Madras high court's order and instead fined Sterlite Rs 100 crore for polluting the environment and for operating the plant without a renewal of the consents by TNPCB. Post a favorable ruling by the National Green Tribunal (NGT),
1386-641: A small aluminium conductor business in Patna . His son Anil Agarwal had come to Mumbai to expand their business. In the 1990s, as the Indian government began to sell off sick (non-performing) companies, Sterlite began to bid for them. They were able to bid successfully for BALCO and Hindustan Zinc Limited, both bankrupt companies that had been closed down for 4 years. Meanwhile, in January 1993, D. P. Agarwal founded Twinstar Holdings Limited in Mauritius , which
1463-464: A year later in July 2023 the venture was ended with mutual agreement with both companies maintaining that they are still looking to set up semiconductor foundries in India. On 24 March 2024, Vedanta Ltd announced a $ 6 billion investment across various business verticals, including aluminium, zinc, iron ore, steel, and oil and gas, aiming to add at least $ 2.5 billion to its annual EBITDA . The investment
1540-536: Is a lengthy process and may take years. Relationship with Cairns India and Carins energy: In 2016, Cairns India and Cairns Energy were purchased by Vedanta Limited. Cairns was a US-owned company and the 2nd largest private oil and gas company in India. Copper : Vedanta limited operates the largest copper smelter In India, in Tuticorin . This contributes to nearly 50% of Vedanta Limited's profits. In early 2016, due to local protests related to environment pollution,
1617-595: Is an appeal process to create accountability. There is a Securities Appellate Tribunal which is a three-member tribunal and is currently headed by Justice Tarun Agarwala , former Chief Justice of the Meghalaya High Court . A second appeal lies directly to the Supreme Court . SEBI has taken a very proactive role in streamlining disclosure requirements to international standards. For the discharge of its functions efficiently, SEBI has been vested with
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#17327794957701694-676: Is an ongoing concern in the Indian stock market, particularly with small-cap and mid-cap stocks, which are more susceptible due to lower trading volumes, less liquidity, and limited market analyst coverage. Pump and dump schemes are a prevalent form of manipulation, where false or misleading statements are used to inflate a stock’s price before the manipulators sell off their shares at a profit, leading to significant losses for unsuspecting investors. The Securities and Exchange Board of India (SEBI) has been criticized for not being able to prevent such manipulations effectively. Reasons include limited resources, reliance on stock exchanges for market data,
1771-505: Is clear state government, three Tahsildars, 17 police personnel and the then District Collector, N Venkatesh co-ordinated inaction, lethargy, complacency and dereliction of duty. The company is engaged in various CSR activities, supporting health, education, environmental and humanitarian causes. In June 2019, the company supplied RO purified water to 1,400 families in 12 villages as part of the Muthucharam - Tamira Surabhi Project during
1848-486: Is done in 2 days after trade date . SEBI has also been active in setting up the regulations as required under law. It did away with physical certificates that were prone to postal delays, theft and forgery, apart from making the settlement process slow and cumbersome, by passing the Depositories Act, 1996. SEBI has also been instrumental in taking quick and effective steps in light of the global meltdown and
1925-452: Is in addition to 953 oxygen cylinders containing 6671Nm³ of gaseous oxygen were supplied to meet the requirements of COVID-19 patients and hospitals. It also donated ₹ 5 crore (US$ 599,095) to the Government of Tamil Nadu Chief Minister's Public Relief Fund in April 2021. The company reported ₹1,055 crores as its operating profit in India in the financial year 2018. In FY20, it recorded an operating profit of negative ₹300 crores. It reported
2002-743: Is owned and operated by Hindustan Zinc Limited (HZL). HZL owns and operates a fully integrated zinc-lead business. HZL is one of the world's largest integrated zinc-lead producers by volume. Sesa Sterlite owns 64.9% of the share capital of HZL, while the Government of India remains an equity partner and holds a 29.5% stake. HZL is listed on Indian stock exchanges (NSE and BSE).HZL's fully integrated zinc operations include five lead-zinc mines, one rock phosphate mine, four hydrometallurgical zinc smelters, two lead smelters, one lead-zinc smelter, four sulphuric acid plants, one silver refinery and six captive power plants at our Chanderiya, Dariba and Zawar facilities in
2079-565: Is owned by mutual funds ( ICICI Prudential ), foreign portfolio investors (17%), Corporate bodies (7%), LIC India (6%), Citibank New York (4%), individual retail shareholders (5%) and Citibank NYADR (4%). Relationship with Sesa Goa : Sesa Goa was originally a Portuguese owned company, with iron ore mines in Goa. In the 1990s, Sesa Goa was purchased by Sterlite industries (subsequently renamed as Vedanta Limited). Vedanta Management has shared its intentions to delist company from stock exchanges subject to Shareholders approval. However, delisting
2156-493: Is part of a strategy involving over 50 active projects expected to generate additional revenues of over $ 6 billion, with plans for a significant vertical split leading to the creation of five newly listed companies. Though the company primarily operated in Goa and Karnataka, it has gradually expanded its operations in recent years to Odisha, Rajasthan, Chhattisgarh, Tamil Nadu, Punjab, Jharkhand, Gujarat and Andhra Pradesh. Vedanta limited owns, leases and operates in India through
2233-813: The Adani Group . This put Buch into the spotlight, since SEBI had previously faced difficulties in finding out the beneficial owners of similar off-shore funds that had invested in Adani companies. Adani Group calls the claims "malicious, mischievous". India's Leader of the Opposition in the Lok Sabha , Rahul Gandhi , asked Buch to resign. Commentators say that while Hindenburg Research did not have compelling evidence of malfeasance, Puri Buch didn't do enough to avoid entirely foreseeable conflict of interest allegations. SEBI in its circular dated 30 May 2012 gave exit – guidelines for Securities exchanges. This
2310-577: The Prime Minister about malaise in SEBI. He said, "The regulatory institution is under duress and under severe attack from powerful corporate interests operating concertedly to undermine SEBI". He specifically said that Finance Minister's office, and especially his advisor Omita Paul, were trying to influence many cases before SEBI, including those relating to Sahara Group, Reliance, Bank of Rajasthan and MCX. Several major financial scams have shaken
2387-674: The Reserve Bank of India (RBI). On 29 April 1999, many of these investment companies were liquidated and all the shares of Sterlite came back to Twinstar's possession. Twinstar became the 100% owner of shares in these investment companies and received government approvals from the RBI as well as the Foreign Investment Promotion Board (FIPB). On 8 December 1999, officials of the Income Tax department raided
Sterlite Copper - Misplaced Pages Continue
2464-459: The administrative domain of Ministry of Finance within the Government of India . It was established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992 . The Securities and Exchange Board of India (SEBI) was first established in 1988 as a non-statutory body for regulating the securities market . Before it came into existence,
2541-527: The economic liberalization of India enforced by the World Bank and IMF . In 1992, the first phase of a 150,000 ton pig iron plant was commissioned. In the same year, Sesa introduced India's first low- phosphorus foundry grade pig iron in India and subsequently formalised the business under pig iron division. The pig iron plant was located at Amona , Goa and had an annual production capacity of 250,000 tonnes per annum. Other alliances were formed in
2618-680: The finance ministry's request to dismiss the PIL and said that the court was well aware of what was going on in SEBI. Hearing a similar petition filed by Bengaluru-based advocate Anil Kumar Agarwal, a two judge Supreme Court bench of Justice Surinder Singh Nijjar and Justice HL Gokhale issued a notice to the Govt of India, SEBI chief UK Sinha and Omita Paul, Secretary to the President of India. Further, it came into light that Dr. K. M. Abraham (the then whole time member of SEBI Board) had written to
2695-561: The 1980s, as the founder D.P.Agarwal founded Sterlite Industries (India) Limited in Mumbai and begun to buy mining concessions in different states of India. He was soon joined by his two sons, Navin Agarwal and Anil Agarwal, both of whom currently run the company. In 1992, they established Volcan investments in Nassau ( Bahamas ) as the main holding company for their mines. D.P.Agarwal had
2772-483: The Agarwals, before liquidating the shares of the investment companies mentioned, had written off loans worth 230 million and made an agreement to gift their overseas corporate body, Twinstar, a sum of ₹ 338 million including shares of Sterlite worth ₹ 72 million. Between 1993 and 1999, Sterlite and its investment companies allegedly brought in ₹ 2.08 billion to India through Twinstar to subscribe to
2849-952: The Controller of Capital Issues was the market's regulatory authority, and derived power from the Capital Issues (Control) Act, 1947. SEBI became an autonomous body on 30 January 1992 and was accorded statutory powers with the passing of the SEBI Act, 1992 by the Parliament of India . It has its headquarters at the business district of Bandra Kurla Complex in Mumbai and has Northern, Eastern, Southern and Western Regional Offices in New Delhi , Kolkata , Chennai , and Ahmedabad , respectively. Up until June 2023, it also had 17 local offices spread all over India to promote investor education; however, 16 of them were closed as part of
2926-551: The Government of Tamil Nadu ordered the permanent closure of Sterlite plant in Thoothukudi. This action of TN Government was set aside by NGT on 15 December 2018, directing the TNPCB to pass fresh order of renewal of consent and authorization to handle hazardous substances. Though the Supreme Court of India set aside these directions on appeal by TN Government, Justices Rohinton Fali Nariman and Navin Sinha held on 18 February 2019 that
3003-914: The Indian market, like the Satyam scam , IL&FS crisis, Punjab National Bank Scam , and NSE co-location scam Critics argue that SEBI failed to properly monitor these companies or take timely action when irregularities were noticed. There have been instances where market intermediaries engaged in fraudulent activities, which resulted in significant losses for investors. SEBI’s monitoring of these intermediaries has been called into question. SEBI has been criticized for its inability to effectively regulate and prevent insider trading, despite having regulations in place. There have been numerous cases where insider trading went undetected for long periods. Some believe SEBI hasn't done enough to prevent companies from issuing IPOs ( Initial Public Offerings ) at inflated prices, which hurts regular investors. Market manipulation
3080-536: The NGT had no jurisdiction to entertain the matter. But the ADMK parties are given rights to approach the Madras High Court. On 28 October 2018, Tamil Nadu Pollution Control Board reported that the sulphur-dioxide levels in the air had reduced significantly after the Sterlite plant's closure. TNPCB also confirmed an improved Air Quality Index. As it was classified as a red category, the district administration has maintained
3157-463: The Satyam fiasco. In October 2011, it increased the extent and quantity of disclosures to be made by Indian corporate promoters. In light of the global meltdown, it liberalized the takeover code to facilitate investments by removing regulatory structures. In one such move, SEBI has increased the application limit for retail investors to ₹ 200,000 (US$ 2,400) from ₹ 100,000 (US$ 1,200) at present. On
Sterlite Copper - Misplaced Pages Continue
3234-479: 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. Subsequent to this, in 2003, Vedanta Resources (UK) was listed on the London Stock Exchange . Vedanta Resources itself is
3311-791: The Securities and Exchange Board of India describes the basic functions of the Securities and Exchange Board of India as "...to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected there with or incidental there to". SEBI has to be responsive to the needs of three groups, which constitute the market: SEBI has three powers rolled into one body: quasi-legislative , quasi-judicial and quasi-executive. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. Though this makes it very powerful, there
3388-695: The State of Rajasthan, processing and refining facilities for zinc at Haridwar and for zinc, lead and silver at Pantnagar, both in the State of Uttarakhand and in northern India. In FY 2013, these operations delivered 870,000 tonnes of mined zinc-lead metal-in-concentrate, and 802,000 tonnes of refined zinc and lead. Aluminium : Vedanta's aluminium output rises 2% to 584,000 tonnes in second Qtr of FY23 Vedanta invested US$ 37 million towards community development in 2015–16, benefitting over 2.25 million people globally. The Confederation of Indian Industry (CII) ranked Vedanta Limited and its subsidiary Hindustan Zinc among
3465-483: The Vedanta Group to set up its 40,000 tonnes capacity due to its high polluting nature of the Sterlite copper smelting plant before the company managed to convince the Tamil Nadu government . Since its commencement in 1997, the plant had been found on numerous occasions to flout the pollution norms with impunity and foregone permit requirements by pollution regulators, as observed by the courts. Sterlite operated
3542-469: The air quality and sulfur dioxide contribution to pollution in Thoothukudi before and after the closure of the smelter in 2018,. While the closure of Sterlite caused immediate noticeable improvement in air quality by TNPCB, another study conducted by Anna University and the Centre for Climate Change and Adaptation Research confirmed that the road dust and vehicular emission as major factors contributing for
3619-523: 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. Vedanta Aluminium received the recognition of "Indian Affairs India's Most Valuable Aluminum Producing Company of the Year 2018" & Its CEO Abhijit Pati in the category of "Indian Affairs Innovative CEO of
3696-440: The dust, causing poor air quality and make tuticorin already unsustainable . In June 2019, Mint reported that the company faced a loss of about $ 200 million in profits ever since its copper smelter plant got closed. Around 20,000 people lost their jobs, who were employed by the company due to the shutting of the smelter and about 98,400 people were affected in the consumer or downstream industries. The plant's closure also caused
3773-519: The financial backing of Alessandro Vassalo, obtained the Orasso Dongor mining lease in Sirsaim, Goa in 1954 and Sesa Goa Limited was formed. It was bought over in 1955, with equal shareholding, by Gewerkeshaft Exploration e Bergbau and Ferromin S.p.A., a subsidiary of Finsider S.p.A. (of IRI group ), which eventually acquired the other half stake in 1963. Sesa Goa Limited was incorporated as
3850-406: The following entities: As of 30 June 2018, the company is owned 50% by the promoters (under Finsider international and Twinstar holding, both holding companies owned under the names of 12 members of the Agarwal family) and 50% by the public. The promoters ownership (51%) is held under "Westglobe limited" under "Twinstar holdings" (37%) and Finsider international (11%). The balance 49% of the company
3927-563: The following powers: SEBI committees There are two types of brokers: SEBI has enjoyed success as a regulator by pushing systematic reforms aggressively and successively. It is credited for quick movement towards making the markets electronic and paperless by introducing the T+5 rolling cycle in July 2001, the T+3 in April 2002, and the T+2 in April 2003. The rolling cycle of T+2 means that settlement
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#17327794957704004-634: The largest copper smelter plant in India, in Thoothukudi from 1998 to 2018. The plant was not operational from March 2018 and was shut down by the Government of Tamil Nadu on 28 May 2018 after protests from locals. The plant also included a refinery, a phosphoric acid plant and a sulphuric acid plant. The company's main operating subsidiaries are Hindustan Zinc Limited for its zinc and lead operations; Copper Mines of Tasmania Pty Limited for its copper operations in Australia; and Bharat Aluminium Company Limited for its aluminium operations. It also operates
4081-456: The largest diversified natural resources companies in the world. In 2018 Vedanta Limited acquired control of Electrosteels Steels Limited. Electrosteel Steels had been constructing an integrated steel plant at Siyaljori in Jharkhand. In May 2020, it is declared that company is going to delist from Indian bourses as per the comment by Mr. Anil Agarwal. In September 2022, Vedanta signed
4158-408: The lower house that the plant's closure has affected the domestic production of refined copper. The copper production of India dropped to 410,000 tonnes in 2019-20 from 830,000 tonnes in 2017-18 and the refined copper output in 2018-19 was 450,000 tonnes. In 2021 and 2022, controversially it was also reported that petitions were filed by some villagers, fishermen and a few local organizations demanding
4235-650: The nineties—in January 1995, Sesa Shipping was launched by acquiring a transhipper M.V. Orissa . The year also saw the inclusion of 84 new coke ovens. When Mitsui & Co. of Japan bought Finsider International in 1996, it gained 51% stake in Sesa Go. By 1997, Sesa Kembla became a 100% subsidiary of Sesa Goa. In 1997, A Narrain mines located in Chitradurga , ( Karnataka ) were purchased. A Supreme Court directive in August 2011 led to suspension of mining activities in
4312-464: The occasion of World Investor Week 2022, SEBI Executive Director Shri G. P. Garg launched a book on Financial Literacy. This book is a joint effort between Metropolitan Stock Exchange of India Limited and CASI New York. Supreme Court of India heard a Public Interest Litigation (PIL) filed by India Rejuvenation Initiative that had challenged the procedure for key appointments adopted by Govt of India . The petition alleged that, "The constitution of
4389-510: The offices of Sterlite located at Dhanraj Mahal, Apollo Bunder and Tulsiani Chambers , Mumbai , and seized many documents. The IT department then decided to engage the services of ED officials as it appeared that there could have been a violation of the country's foreign exchange laws. After analyzing these documents, the ED inferred that Twinstar was incorporated with the sole intention of acquiring an interest in Sterlite. The Directorate alleged that
4466-417: The plant soon reopened. In March 2013, TNPCB re-ordered a closure of the plant on grounds of leakage of gas, leading to nausea and skin irritation among local inhabitants. The group has steadfastly denied accusations of any wrongdoing, throughout. In March and April 2018, there were renewed mass-protests against the company's plans of setting up a second smelting complex and demands of an entire shutdown of
4543-445: The plant was temporarily shut down by the Tamil Nadu state government. Vedanta has contested these claims, stating that its gas emissions are well below the state norms and the emissions of 11 other neighboring industries. It has also stated that their plant does not pump any water into the sea, due to a change in the plant configuration after a previous (2013) complaints from the state government. Zinc-Lead-Silver : Zinc India business
4620-425: 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
4697-690: The region. In 1999, Sesa Goa started mining operations in Barbil , which has the fifth largest deposit of iron ore and manganese in the world. They started producing iron ore which was exported from the port towns of Haldia and Paradip . During this time, the company also started the Sesa Community Development Foundation that supported the NCM Sesa Technical School and a football academy called SESA F.A. . In March 2024, Supreme Court also rejected
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#17327794957704774-504: The remaining 40% held by Finsider International, which later became ILVA International . Sesa Goa had started with iron mining as its core business but slowly, it ventured into barge construction in 1984 at Sirsaim, located in the Bardez taluka of North Goa. Since then, the barge construction unit has been developed into a shipbuilding division. In the 1990s, Sesa Goa began further expansion, aided by an influx of foreign investment during
4851-505: The reopening of Sterlite Copper including the victims of police firing on anti-Sterlite protests. While the Justice Aruna Jagadeesan Commission did not find any "direct evidence" that points to the involvement of either Sterlite Industries, as claimed by a few activist groups, or any outfit, as alleged by the then government and a few individuals such as actor Rajinikanth, in the violence of 22 May 2018, it
4928-534: 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
5005-474: The search-cum-selection committee for recommending the name of chairman and every whole-time members of SEBI for appointment has been altered, which directly impacted its balance and could compromise the role of the SEBI as a watchdog." On 21 November 2011, the court allowed petitioners to withdraw the petition and file a fresh petition pointing out constitutional issues regarding appointments of regulators and their independence. The Chief Justice of India refused
5082-635: The shareholding pattern. In 2007, Vedanta Resources Plc, a diversified metals and mining group founded by Anil Agarwal , acquired 51% controlling stake in Sesa Goa Ltd. from Mitsui & Co. Ltd. Vedanta Resources is listed on the London Stock Exchange and a constituent of FTSE 100 Index . The deal was worth ₹ 40.7 billion (US$ 490 million), making it the largest M&A deal in the industry so far. In 2009, Sesa Goa acquired Goa-based Dempo Group's mining and maritime businesses for ₹ 17.5 billion (US$ 210 million) in an all-cash deal. This
5159-405: The shares of Sterlite and make investments in the company. The company today known as Sesa Goa was founded in 1954, as Scambi Economici SA Goa . Since then, it gradually grew to become a large low-cost producer of iron ore. During 1991–1995, it diversified into the manufacture of pig iron and metallurgical coke . Scambi Economici Societa Anonyma (SESA), owned by Baron Ludovic Toeplitz, with
5236-605: The smelter premises since its closure. On 22 March 2019, the company submitted an affidavit to the Madras High Court , claiming the damage of ₹ 100 crore (US$ 12 million), which was caused due to negligence in maintaining the premises by the district authorities. Three years after closure of Sterlite, A 2022 study conducted by the Asian Institute of Technology , Bangkok and National Institute of Technology , Jamshedpur , indicated no significant change in
5313-404: The smelting plants, on grounds of violating environmental regulations were raised. On 22 May 2018 the protests took a deadlier when 20,000 protesters turned violent and subsequently police had to resort to lathi charge and shooting. In the event referred to as Thoothukudi violence 14 people were killed and several others injured. Section 144 was imposed to control the situation. On 28 May 2018,
5390-629: The top ten sustainable firms in India. In FY2016, Vedanta recycled 47% of the fly ash generated through operations, as well as recycled 23% of the water utilized during its operations. The company developed a Public-Private-Partnership (PPP), with the Ministry of Women and Child Development , Government of India to modernize and construct the Anganwadi infrastructure in India . In 2001, Sterlite industries, BPL and Videocon were found guilty by
5467-492: The water crisis. It has launched Tamira Muthukkal, a project under the Muthucharam Initiative that provides skill training modules on various courses to help the youth of Thoothukudi to seek employment. It has also launched a skill center, offering courses and training in logistic trade. It runs a project called Ilam Mottukal, which works for the education of girl child in the Thoothukudi district and also runs
5544-632: The year 2018" at the Satya Brahma 9th Annual India Leadership Conclave 2018 in Mumbai. The registered office and corporate office of Vedanta Limited are based in Mumbai. The company has offices in New Delhi, NCR as well as across its operations in the country. Securities and Exchange Board of India The Securities and Exchange Board of India ( SEBI ) is the regulatory body for securities and commodity market in India under
5621-532: The zinc assets of British miner Anglo American plc . In 2011 Vedanta Resources bought 58.5% controlling stake in Cairn India , India's largest private sector oil & gas company. In 2015, Sterlite Industries and Sesa Goa announced their merger and finally merged into a single entity in August 2015. In 2015, Sesa Sterlite changed its name to Vedanta Limited. On 11 April 2017, Cairn India merged with Vedanta Limited to consolidate its position as one of
5698-625: Was listed on the NYSE in June 2007. In 1992, Maharashtra Industrial Development Corporation was allotted a plot in Ratnagiri district's Zadgaon village. On 13 December 1993, over 30,000 people of the city marched to the unit and demolished the quarters for the construction workers and some other structures. After that incident Sterlite was relocated to Thoothukudi . Three state governments, Gujarat , Goa , and Maharashtra have refused permission to
5775-462: Was mainly due to illiquid nature of trade on many of 20+ regional Securities exchanges. It had asked many of these exchanges to either meet the required criteria or take a graceful exit. SEBI's new norms for Securities exchanges mandates that it should have minimum net-worth of ₹ 1 billion and an annual trading of ₹ 10 billion. The Indian Securities market regulator SEBI had given the recognized Securities exchanges two years to comply or exit
5852-734: Was mostly owned by Volcan investments. On 26 May 2002, the Enforcement Directorate filed a show cause notice with Sterlite, relating to the six-year period between 1993 and 1999 when Twinstar acquired the shares of Sterlite and various investment companies – such as Dwarka Prasad Anil Kumar Investments Private Limited, Pravin Navin Investment & Trading Private Limited and Sterlite Copper Rolling Mills Private Limited – which, in turn, had made substantial investments in Sterlite and another group company, Madras Aluminium Company Limited (MALCO) after obtaining permission from
5929-515: Was the second largest acquisition in India's iron-ore industry, and it gave Sesa Goa access to Dempo's 70 million tons of iron-ore mineable resources in Goa. In 2011, Sesa Goa purchased 51% stake in Western Cluster, Liberia for $ 90 million. The Liberia Gola Forest Community people who also suffered from the civil war believe that the coming of Western Cluster will help to alleviate their suffering and provide employment. In 2007, it became
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