A three-judge Superme Court (SC) Panel headed by Justice S Abdul Nazeer, reportedly rejected the government's petition challenging the enforcement of a Malaysian arbitral award passed in favour of Vedanta in relation to the Ravva oil and gas fields. SC held that the enforcement of this award will not go against the public policy of India.

The Centre had moved the Supreme Court challenging the decision of the Delhi High Court which allowed Vedanta (erstwhile Cairn India) and Videocon Industries to recover $499 million instead of $198 million capped by the government for development of Ravva oil and gas fields in the state of Rajasthan.

This contract was for a period between 2000 and 2007. When the dispute arose in the year 2008, a foreign award was passed by a Tribunal in Malaysia which ruled in favour of the company. This award was challenged by the Indian government before Malaysian courts, but to no avail. When Cairn moved the Delhi High Court for enforcement of the award, the same was allowed, prompting the Ministry to approach the Supreme Court in appeal.

Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.

On a consolidated basis, Vedanta reported a net loss of Rs 12,521 crore in Q4 March 2020 as against net profit of Rs 2,615 crore in Q4 March 2019. The profit was impacted by exceptional loss of Rs 17,132 crore in Q4 FY20 due to impairment of assets at oil & gas, copper and iron ore business.

Powered by Capital Market - Live News

Vedanta announced that the 55th Annual General Meeting (AGM) of the company will be held on 30 September 2020.

Powered by Capital Market - Live News

Vedanta will hold a meeting of the Board of Directors of the Company on 15 September 2020.

Powered by Capital Market - Live News

The book value has been extracted from from the audited consolidated financial statements of the Vedanta. The company's book value was reviewed by the advisors of VRL and is calculated by dividing the net worth of Vedanta's equity by its total number of outstanding equity shares.

Book value signifies the intrinsic value of the company's shares as on a particular date. So the book value price sets an indicative floor price for reverse book building process. VRL said that it will, at the appropriate times, take the necessary steps to proceed with the delisting offer as required under the delisting regulations.

On 12 May 2020, Vedanta Resources announced its intention to voluntary delist Vedanta in accordance with Sebi delisting regulations.

In June 2020, Vedanta said it had received shareholders' nod for delisting the shares of the company. As on 30 June 2020, the promoter & promoter group held 50.14 stake in Vedanta while the remaining 49.49% stake was held by public shareholders.

Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.

On a consolidated basis, Vedanta reported a net loss of Rs 12,521 crore in Q4 March 2020 as against net profit of Rs 2,615 crore in Q4 March 2019. The profit was impacted by exceptional loss of Rs 17,132 crore in Q4 FY20 due to impairment of assets at oil & gas, copper and iron ore business.

The scrip fell 1.14% to Rs 129.60 on the BSE. It traded in the range of 126.60 and 130.55 so far during the day.

Powered by Capital Market - Live News