Vedanta Resources’ subsidiary Sterlite Copper has begun construction of a new 4-million tonne/year smelter on the edge of the town of Tuticorin. Photo: ReutersLondon: The UK’s opposition, Labour Party, has called for Vedanta Resources Ltd to be delisted from the London Stock Exchange following the death of 13 people during violent protests against the mining giant in Tuticorin, Tamil Nadu. John McDonnell, the UK’s shadow chancellor, said removing Vedanta Resources from the London financial markets would prevent reputational damage from the “rogue” company, which has been operating “illegal” mining concerns for years. Vedanta must be immediately delisted from the London Stock Exchange to remove its cloak of respectability, restore confidence in the governance of the Stock Exchange, and prevent further reputational damage to London’s financial markets from this rogue corporation,” McDonnell said in a statement on Friday. Sterlite was the first company set up by Anil Agarwal in India before he launched Vedanta Resources on the London Stock Exchange in 2003, which is now a multinational FTSE 250 company with operations across India and Africa.

Source: Mint May 26, 2018 09:56 UTC