SEBI rejects Sterlite plant application

By NT Bureau Published on Apr 10, 2018 03:33 PM IST

Chennai: The application for renewal of operations following the ongoing maintenance of Sterlite plant in Tuticorin has been rejected by Securities and Exchange Board of India (SEBI). Due to this, the Sterlite factory will be on a maintenance for few more days.

In a release from Vedanta limited, the group that owns and operates the smelter plant, said, 'Pursuant to Regulation-30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please take note that the Company had applied for renewal of consent to operate (CTO) for its existing Smelter plant at Tuticorin. The application has been rejected for want of more clarifications'.

'The company is evaluating a further course of action. As informed by the company in a letter dated 27 March 2018, the scheduled maintenance activities were supposed to be for a period of approximately 15 days from the said date is now likely to be extended given the above development. The company shall update further developments from time to time,' it said.

While sterlite protests are taking place right from the late 1990s, they actual took steam this year that too with exponential uprising when Sterlite Industries Ltd, the subsidiary of Vedanta Resources PLC planned to open the second plant.

Since early February, the people of Tuticorin district have been protesting, rallying, holding hunger strikes, and agitating against the expansion of the group's plant. The protests which one upon a time only had Vaiko now has Kamal Haasan among many other bigwigs extending their support.