Planning to petition the Supreme Court for the reopening of the Sterlite copper facility favors Vedanta

Planning to petition the Supreme Court for the reopening of the Sterlite copper facility favors Vedanta

Vedanta is investigating its legal alternatives with respect to closing its Thoothukudi copper smelting facility.

Early on March 7, Vedanta shares increased because the mining giant intended to ask the Supreme Court for a review of the shutdown of its Thoothukudi copper smelting facility.

The iron ore miner's shares were 0.46 percent stronger at Rs 283.75 on the NSE at 9:20 a.m.

Vedanta shares ended the day on March 6 at Rs 282.45, down 1.14 percent on the NSE. The stock price has increased by almost 18% over the last six months, while the leading Nifty 50 index has increased by just 14%.

On April 10, 2023, Vedanta petitioned the Supreme Court for special leave in opposition to the Madras High Court's decision to shut down the Thoothukudi copper smelting facility. The Supreme Court denied Vedanta's request on February 29 to restart its Sterlite copper smelting facility in Tamil Nadu.

We understand the nature of the company's involvement with the community. The citizens' health and wellbeing are of the first importance, and the court must take into account the idea of sustainable development, the supreme court said.

Following a five-day trial, the court returned a finding declaring that Vedanta had violated certain legal requirements, including as the removal of copper slabs from around eleven locations and adherence to consent requirements for gypsum activities. Failing to do so results in the inability to get permission for the disposal of hazardous material.

The court had recommended at the last hearing to form an expert committee to assess the viability of operating the factory. Vedanta has approved the committee's establishment and proposed a few standards for it. Nevertheless, the Tamil Nadu Pollution Control Board (TNPCB) and the Tamil Nadu government both declined to form a committee.