Moneycontrol
Last Updated : Jan 02, 2019 12:24 PM IST | Source: Moneycontrol.com

Vedanta falls 4% after Tamil Nadu moves SC against NGT order to re-open Sterlite's Tuticorin unit

In December, the Madras High Court had ordered status quo as existed before the National Green Tribunal set aside a Tamil Nadu government order for closure of Sterlite's copper unit in Tuticorin

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Vedanta shares slipped 3.7 percent intraday on January 2 after the Tamil Nadu government moved Supreme Court against the order of National Green Tribunal allowing re-opening of Sterlite's Tuticorin unit.

The National Green Tribunal, on December 15, set aside the Tamil Nadu government order for closure of Vedanta's Sterlite copper plant at Tuticorin, which was at the centre of massive protests over alleged pollution, saying it was "non-sustainable" and "unjustified".

The Tamil Nadu government, meanwhile, had said it would challenge the NGT order setting aside the closure of the Vedanta's Sterlite Copper plant in Tuticorin in the Supreme Court.

Sterlite Copper, too, had said it would move the Supreme Court to help implement the NGT order in early January.

The matter has already been listed for hearing in Madras High Court, Madurai Bench, on maintainability on January 21, 2019. The court itself had directed the Tamil Nadu state government to make its position clear by January 21, 2019 on whether it proposes to file an appeal against NGT order of December 15, 2018.

The Madras High Court had ordered status quo as existed before the National Green Tribunal set aside a Tamil Nadu government order for closure of Sterlite's copper unit in Tuticorin.

The Madurai Bench had also restrained the Vedanta Group company from taking any steps to reopen the unit.

The state government had on May 28 ordered the Tamil Nadu Pollution Control Board to seal and "permanently" close the mining group's copper plant following violent protests by locals over pollution concerns.

At 1117 hours, the stock was quoting at Rs 195.05, down Rs 7.10, or 3.51 percent on the BSE.
First Published on Jan 2, 2019 12:23 pm
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