Khaitan & Co. advised Sterlite Power Grid Ventures Limited on the deal. Projects Jharsuguda, Odisha. The desilting and cleaning work of Maruthur Melakal Channel started at Maruthur and will end at Vellur, covering a distance of 20 kms. India is on par to become a 5 trillion economy and the power sector will play a crucial role in this. Sterlite Power is a leading global developer of power transmission infrastructure with 13 projects spanning 10,000 circuit kilometers in India and Brazil.. This is a semi-autonomous robot developed in-house to ensure safety of ‘high-risk’ operations involved in installation of Optical Ground Wire (OPGW) on high voltage power transmission lines. AMP, Sterlite in $300 mn power transmission pact Govt. Hence, schemes in violation of the Delisting Regulations may not receive SEBI’s approval. The scheme involved a demerger of power products and transmission grid business from STL, a listed company, into SPTL, which was an unlisted company. The transferee company is not under an obligation to list its shares. In such scenario, the undertook project will allow free flow of water in the channel benefitting 30,000 farmers covering around 15,000 acres of agricultural land in and around Maruthur Melakal Channel. John McDonnell has called for mining firm Vedanta to be delisted from the London Stock Exchange after 13 people died in violent protests outside the firm's southern Indian copper smelter. Vedanta Limited (Vedanta Ltd) is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. 92 crores in Barbeque-Nation Hospitality Limited for a 10.76% stake. Sterlite Power Transmission Ltd Studds Accessories Ltd Suryodaya Small Finance Bank Ltd Syngenta India Ltd Tamil Nadu Mercantile Bank Tata Technologies Ltd TCS … Sterlite Power was awarded its eleventh project of length 821 ckms in the North Eastern Region. SEBI in its observation letter dated 28 August 2015 objected to the scheme of arrangement between Sterlite Technologies Limited (STL) and Sterlite Power Transmission Limited (STPL). This press release contains “forward-looking statements” – that is, statements related to future, not past, events. The Vedanta group has been pursuing a process of corporate simplification for several years. Vedanta Limited (Sterlite Copper – Tuticorin Division) The IPO page of Sterlite Technologies Ltd. captures the details on its Issue Open Date, Issue Close Date, Listing Date, Face Value, Price band, Issue Size, Issue Type, and Listing Date's Open Price, High Price, Low Price, Close price and Volume. Proposed amendments to the Business Corporation Act (BCA) would have Metallurgical Coke: Approximately 65% … : +91 82200 54113 Oakridge Energy to set up solar power plants for 1,000 schools Kalpataru Power Transmission bags orders worth Rs 900 crore Delhi’s clean power goal has a problem: Idled fossil fuel plants Coal India to Set Up Integrated Solar Power: Sesa Sterlite is one of India's leading power producers with a capacity of 3,900 MW in commercial power. SEBI in its observation letter dated 28 August 2015 objected to the scheme of arrangement between Sterlite Technologies Limited (STL) and Sterlite Power Transmission Limited (STPL). Nothing herein shall be deemed or construed to constitute legal or investment advice. REGISTERED OFFICE F-1, The Mira Corporate Suites, 1 & 2 Ishwar Nagar, Mathura Road, New Delhi - 110065. But here, the timing of the delisting reeks of a complete sense of selfishness, a sense of short changing the shareholders – that’s what a delisting at this time speaks about. Its authorized share capital is Rs. Technical and Commodity Calls. We strongly believe that access to reliable power should be a fundamental right for every individual globally. We at Sterlite Power are committed to solving the electricity transportation problems. Sustainable Development is at the core of Vedanta’s strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. However, the 2017 Circular does not provide any clarity on whether the unlisted transferee company is required to list its shares pursuant to scheme. Supply Chain Management: New Delhi, India 10-Dec-2020 Vedanta spurts on delisting plan Vedanta surged 9.97% to Rs 98.20 after the company scheduled a board meeting on 18 May 2020 to consider the proposal for voluntary delisting … Further, since the listed companies have to seek a ‘no-objection’ letter before filing the scheme with the NCLT, the concerns regarding backdoor delisting can be addressed by ensuring that only those schemes are approved which provide a justifiable rationale for the proposed arrangement. It is also possible that some of the pages linked may become inactive after the lapse of a period of time. Supreme Court Rules on Mandatory Procedure under the SARFAESI Act, Filing of Form PAS-4 in Private Placements, Promoter-Friendly Amendments to the SEBI Takeover Regulations, Withdrawal of Resolution Plans due to Covid-19: A Legal Analysis, Public Financial Institutions under Section 4A of the Companies Act, 1956: MCA Circular, The Foibles of a Databank and Proficiency Test for Independent Directors, How Banking Business Works: A Banking Lawyer’ Perspective. They have commercial power generation business that currently operates 2,400 MW Jharsuguda Power … Thoothukudi, Sep 10: Sterlite Copper, a unit of Vedanta Limited has initiated delisting and cleaning work in Maruthur Melakal Channel of Maruthur Reservoir. The inauguration of the project was held at Maruthur Melakal Channel today. Delisting of Vedanta Resources Previously, in July 2018, Agarwal had unveiled plans to delist Vedanta Resources from the London Stock Exchange, saying it … With an industry-leading portfolio of power conductors, EHV cables, and OPGW, Sterlite Power also offers solutions for upgrading, praying, and strengthening existing networks. Company has listed offer price of INR 33.82 per share. There is a need for SEBI to remove the ambiguity on the validity of such schemes. This price is currently at a … It’s an interesting article, Aishwarya. Vedanta Ltd is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. POWER YOUR TRADE. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The scheme involved the amalgamation of the entire business and undertaking of ZVL with ZDPL and dissolution of ZVL. Hence, Sterlite Power Transmission Is Using High Quality Technology And Best Practices. - #private-equity #HedgeMaven Similarly, in 2018, Twin Star Overseas, the promoter entity, pledged its entire 52.01% holding in Sterlite Technologies with Citicorp International as collateral for a loan taken by Volcan to fund the delisting of VRL. Section 232(3)(h)(B) of the Companies Act also provides that the NCLT can make provisions for shareholders to exit the transferee company and are paid for the value of the shares held by them by using a pre-determined price formula or valuation. How do you see the power landscape in India shaping up? In the past SEBI had raised objections to such schemes. Sterlite Power is a leading developer of transmission projects with a robust execution record across India and Brazil. The contributors of this blog have not reviewed all of the information on these sites or the accuracy or reliability of any information, data, opinions, advice, or statements on these sites. Adani Power gets a nod from its shareholders for delisting its shares. Sterlite Power refinances Gurgaon-Palwal transmission project Sterlite Power has refinanced the loan for Gurgaon Palwal Transmission Limited. However, interestingly, under the composite scheme of arrangement between Alembic Limited, Shreno Limited and Nirayu Limited which was filed with the stock exchanges on 20 November 2018, the real estate undertaking of Alembic Limited (listed company) was to be demerged and transferred to Shreno Limited (unlisted company). SEBI observed that this was an attempt to circumvent the Delisting Regulations. You also have the option to opt-out of these cookies. Sterlite Power acquires Lakadia-Vadodara Transmission Project from PFC Consulting 03 Dec, 2019, 05.19 PM IST. Copyright © document.write(new Date().getFullYear()) Sterlite Copper (A Unit of Vedanta Limited). Hence, schemes in violation of the Delisting Regulations may not receive SEBI’s approval. Vedanta Resources in turn owns 50.1 per cent of Vedanta Ltd that houses Agarwal’s sprawling Indian zinc, copper, silver, lead, iron ore, power and aluminium mining operations through companies such as Cairn, Sesa Sterlite and Hindustan Zinc among others. “01 (ONE) fully paid equity share of Rs. SEBI issued a no objection letter for the scheme on 25 January 2019. But opting out of some of these cookies may have an effect on your browsing experience. Tamilnadu- 628002. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. It is a largest manufacturer of conductors in India around 1,60,000 MT. Adani Power appoints merchant banker to finalise delisting plans Adani Power has appointed a merchant banker for the due diligence of its plans to delist from the stock exchanges. 158,363,808. The shareholders of Alembic Limited were to be issued non-cumulative redeemable preference shares as consideration for the transfer. The cleaning work is expected to be completed within two weeks. Sterlite Power offloads 14.7% stake in IndiGrid for Rs 840 crore 14 Aug, 2020, 09.37 PM IST. ABOUT STERLITE POWER TRANSMISSION LTD: Sterlite Power Transmission Ltd (STPL) is a public company recently incorporated to carry on the business, of manufacturing of power transmission products such as power conductors and high voltage and extra high voltage cables, providing turnkey solutions for power industries and participating in the creation of power transmission infrastructure … Vedanta Ltd is listed on the Bombay Stock Exchange and the National Stock Exchange in India, and has ADRs listed on the New York Stock Exchange. The author suggests that there should be no bar to such schemes if the requirements under the 2017 Circular are followed, which ensure greater participation of the public shareholders in the approval process of the scheme. #HowStuffWorks . Mob. Hopefully, the SEBI will take this concern into account and address it soon. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. Vedanta's delisting plans were announced shortly afterwards amidst global protests against the company," the report concludes. Delisting Regulations: SEBI (Delisting of Equity Shares) Regulations, 2009, as amended. The deal, which comprised financing and security documentation, was signed incrementally and announced on 20 October. Earlier, the project was won by Sterlite Power. Discussions on, or arising out of this, blog between contributors and other persons shall not create any attorney-client relationship. These shares were not be listed on stock exchanges pursuant to the scheme. This leads to uncertainty over whether SEBI would raise objections to such a scheme. The above provision of the Companies Act in effect allows a company to delist its shares by entering into a scheme of arrangement for merger or demerger. Regulation 94 of the aforesaid Listing Regulations further requires the concerned stock exchanges to forward such draft schemes to the Securities and Exchange Board of India (SEBI) for approval. It is important to note that the above observations were made by SEBI before its Circular on ‘Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957’ dated 10 March 2017. You’ve highlighted an important point through these instances that the lack of clarity in SEBI’s regulatory framework is leading to uncertainty on how companies should structure their draft mergers/demergers schemes. It is classified as Non-govt company and is registered at Registrar of Companies, Pune. Vedanta Limited (Sterlite Copper – Tuticorin Division) Vedanta Delisting from the Indian stock exchanges was announced on May 11, 2020. The successful journey will be based on two important parameters of equal innovation and speed. The delisting offer will provide public shareholders of Vedanta an opportunity to realise immediate and certain value for their shares at a time of elevated market volatility. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and Vedanta Limited Sterlite Copper: SIPCOT Industrial Complex, Madurai Bypass Road, Thoothukudi (Tamil Nadu) – 628 002 T +91-461 424 2591 F +91-461 424 2829 | Website: www.vedantalimited.com Registered Office: 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (E), Mumbai, (Maharashtra) – 400 093. spgvl unaudited accounts-sept 2020 with ltd. review report. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We'll assume you're ok with this, but you can opt-out if you wish. New Delhi, 25th November 2020: Sterlite Power, a leading global power transmission player, has been awarded the prestigious ET Innovation Awards 2020 for Skyrob™, a pioneering semi-autonomous robotics solution which has been developed inhouse. Retrospective Termination of Sole Arbitrator: A Move Uncalled For. Sterlite Power is a leading global developer of power transmission infrastructure with projects of over ~12,500 circuit km and 22,719 MVA in India and Brazil. These cookies will be stored in your browser only with your consent. Sterlite Energy Limited is developing Sterlite Jharsuguda Power Station 2400 MW coal-fired thermal power project in Jharsuguda, Odisha. Sterlite Power Grid Ventures Limited (“SPGVL”) is one of the leading independent power transmission companies operating in the private sector. The views expressed in the article are personal.]. Power products and solutions mainly include power transmission conductors, optical ground wire cables and power cable. 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