Protests planned at Vedanta's final company meet in UK
Foil Vedanta, a grassroots activist group centered in the United Kingdom, is planning to stage a "loud" demonstration outside the final annual general meeting of Indian mining tycoon Anil Agarwal's Vedanta Resources in London tomorrow. The activist group is demanding justice for the 13 protesters killed in police shooting at the company's copper smelter in Tamil Nadu in May. Here are more details.
Activist group blames FCA for failing to penalize Vedanta Resources
The activist group also blames the City of London Corporation and UK's Financial Conduct Authority (FCA) for failing to regulate or penalize the company, Vedanta Resources, which will be formally delisted from the London Stock Exchange (LSE) on October 1.
'Vedanta's Billions' to be handed over to FCA for investigation
"We cannot let Vedanta boss Anil Agarwal escape...justice in UK, under whose jurisdiction he has committed widespread financial, human rights, and environmental crimes," said Foil Vedanta's Samarendra Das, who is the primary author of a new report titled 'Vedanta's Billions'. The report will be handed to FCA as part of a series of protests tomorrow, calling on UK's financial watchdog to investigate the company.
Report summarizes legal judgments against Vedanta across its operations
"The FCA and City of London must now initiate proceedings against Vedanta or remain complicit in enabling and mitigating these abuses," Das said. The report summarizes legal judgments against Vedanta across its operations, holding the company responsible for "abusive modus operandi" due to "illegal mining in Goa, pollution and tax evasion in Zambia, as well as illegal expansion and pollution in Thoothukudi, TN".
Vedanta Resources' delisting, part of policy to limit scrutiny: Report
"Vedanta's track record of human rights, environmental and financial violations, together with its already complicated financial structure, strongly suggests that delisting is part of a policy to further limit public scrutiny of its operations," the report claims. It alleges that delisting follows police shooting which killed 13 people on May 22, their 100th day of protest against pollution by Vedanta's copper smelter at Thoothukudi.
Killing being dubbed as 'corporate massacre', says report
"The killing is being dubbed a 'corporate massacre' and led to the closure of the Sterlite copper plant. Vedanta's delisting plans were announced shortly afterward amidst global protests against the company," the report concludes.
This is deeply concerning and disturbing report: British MP
British MP Hywel Williams said, "This is a deeply concerning and disturbing report. I'll be taking note of its findings and seeking to ensure that MPs, policymakers, and Westminster government are informed of its findings." "The report once again emphasizes the need for action by UK authorities to investigate and regulate London-listed corporations that carry out illegal and immoral acts overseas," Williams said.
Agarwal had described killing of protesters as 'absolutely unfortunate'
Vedanta Resources chairman Anil Agarwal is set to take the LSE-listed company private from tomorrow, after the company's family-owned trust Volcan Investments had got the go-ahead for the move from minority shareholders in early September. Agarwal has previously stated that the buy-out of the London listing was intended to simplify the company's structure. He had described the killing of protesters as "absolutely unfortunate".
