Sesa Goa today said its shareholders will meet on June 19 for approving the proposed merger of Sterlite Industries and other group firms as announced by its parent firm Vedanta Resources in February.
The government on Thursday informed Parliament it had initiated prosecution proceedings against Vedanta Resources-owned Sesa Goa for violation of certain provisions of the Companies Act.
Sesa Goa, a Vedanta Group company, already seeing erosion in profits due to a mining ban in Karnataka, is facing fresh trouble in Goa, with a stop-mining order on a petition from locals.
Vedanta group firm Sesa Goa today said it expects mining operations in Karnataka to begin "soon" as it has submitted reclamation and resettlement (R&R) plan for its mine in Chitradurga district to an apex court appointed panel that is
Iron ore miner Sesa Goa is waiting for court's directions to convene a meeting of shareholders to seek their approval for the proposed merger of Sterlite Industries with itself, as announced by its parent firm Vedanta group on February 25, a company
Competition watchdog CCI has approved the mega-merger of Sterlite Industries and Sesa Goa that was announced by its parent company Vedanta Resources on February 25 this year.
The last year hasn’t been easy for Sesa Goa investors, a fact its management has acknowledged on many occasions. In this period, the company has been hit by an export tax, mining ban in Karnataka and logistics issues in Goa.
In a U-turn, Serious Fraud Investigation Office (Sfio) in its latest report said mining major Sesa Goa Ltd has not indulged in any corporate impropriety with regard to allegations of over and under invoicing of exports and imports.
In a U-turn, the Serious Fraud Investigation Office (SFIO) in its latest report said that mining major Sesa Goa (SGL) has not indulged in any corporate impropriety with regard to allegations of over and under invoicing of exports and imports.
Businesses of Sesa Sterlite, the new entity announced by Vedanta Resources for its India operations, will generate annual surplus of $7-8 billion (Rs 35,000 crore approx), Group Chairman Anil Agarwal has said.
Allaying concerns that Vedanta Resources is transferring huge debt to Sesa Sterlite, group Chairman Anil Agarwal today said the new entity with "amazing assets" will generate annual profit of $7-8 billion and be able to repay loans within three
The Ministry of Corporate Affairs will take a call on whether there is a case for further action against Sesa Goa, which was probed by the Serious Fraud Investigation Office (SFIO) for alleged irregularities in iron ore trading.
Sesa Goa Ltd and Sterlite Industries (India) Ltd, controlled by billionaire Anil Agarwal, will combine to reduce the debt of parent Vedanta Resources Plc, which paid $8.67 billion to buy Cairn India Ltd in December.
The holding structure under the proposed deal will be simplified to a large extent; tax inefficiencies would be resolved, since Vedanta Aluminium losses now become tax deductible, resulting in deal synergies. Tax synergies make the deal EPS accretive.
Shares of Sesa Goa and Sterlite Industries tumbled by up to 9% today, couple of days after announcement of merger of the two companies by the parent Vedanta group.
Sterlite Industries (India) has rallied 6.2% at Rs 126, while Sesa Goa plunged 7.3% at Rs 210 after its promoter Anil Agarwal-led Vedanta Group announced the merger of Sterlite Industries (India) and Sesa Goa in the proposed consolidation and
