News Details

( 31 Aug 2018)
Vedanta - News Clarification - Vedanta Gets Rs 97.5-Cr Penalty For Illegal Mining Royalty

This is with reference to your email dated August 29, 2018 regarding a news item appearing on website dated August 29, 2018 titled 'Vedanta gets Rs 97.5-cr penalty for illegal mining royalty'.

At the outset, we would like to clarify that the said demand notice dated August 28, 2018 issued by Director of Mines and Geology, Goa Government does not in any way concern with any form of illegal mining done by the Company, as the news reports suggest and may therefore, be interpreted.

In this regard, we would like to inform that the Company has received an order/Demand Notice which relates to reconciliation of royalty on Iron Ore arising on account of varying interpretation of applicable mining regulations by the Office of Director of Mines and Geology and the Company.

Further, the Company has been extending all possible co-operation to the Office of Director of Mines and Geology and has always been compliant with all applicable rules and regulations for its business activities.

We are evaluating the future course of action and will keep the exchanges updated about the same.

Since this did not have any material impact on the Company, no announcement was made under Regulation 30 of Listing Regulations.