Shares of billionaire Anil Agarwal-led Vedanta surged in trade on Wednesday to emerge among the biggest Sensex gainers after the firm denied media reports of making a last minute bid for Essar Steel. Vedanta share price gained by more than 5% intra-day to Rs 160.90 on NSE. The shares closed 4.67% higher on BSE, to become the biggest gainers in the Sensex. “This is in reference to the various news items appearing today with respect to alleged discussions between Vedanta and JSW Steel for a possible last-minute joint bid for Essar Steel,” Vedanta said in a stock exchange filing.
Media reports had suggested that the two companies Vedanta and JSW Steel could come together and make a joint bid, higher than Arcelor Mittal’s Rs 42,000 crore bid for Essar Steel. “The above referenced news items are speculative and baseless. The Company confirms categorically that it is not in the process of submitting any revised bid for Essar Steel under the IBC process as mentioned in the articles,” the firm added in the statement to the exchanges.
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Earlier this week, the Supreme Court set aside the National Green Tribunal (NGT) order allowing the reopening of Vedanta Sterlite Industries (India) Ltd Copper plant in Thoothukkudi district in Tamil Nadu, saying the Tribunal lacked the necessary jurisdiction.
The apex upheld the contention of the Tamil Nadu Pollution Control Board (TNPCB) that its orders under the Air (Prevention and Control of Pollution) Act, 1981 [“Air Act”] and Water (Prevention and Control of Pollution) Act, 1974, denying permission to the plant to continue operations could not have been challenged directly before the NGT. They should have been first contested before the appellate authority constituted under the Act and only then challenged before the NGT.