Vedanta Limited (VEDL), a prominent mining and metals company, has made two significant announcements, addressing recent speculation and revealing a new business development.

Denial of Ongoing Investigation

Vedanta Ltd has categorically stated that there is no ongoing investigation involving the company. In a clear response to recent rumors, the company emphasized that they have not been contacted by Singapore police authorities. This statement aims to dispel any concerns or misconceptions about the company's legal standing.

Preferred Bidder for Punnam Manganese Block

In a separate development, Vedanta Ltd has been declared the 'Preferred Bidder' for the Punnam Manganese Block in Andhra Pradesh. This announcement comes following the company's participation in an e-auction conducted by the Department of Mines & Geology, Government of Andhra Pradesh.

Key details of the Punnam Manganese Block acquisition:

• The block is at G4 level of exploration
• Total area of the block: 152.00 hectares
• Declaration made on September 18

Next Steps for Manganese Block Acquisition

To secure the Composite License for the Punnam Manganese Block, Vedanta Ltd must complete several crucial steps:

1. Make necessary payment of Performance Bank Guarantee
2. Fulfill other terms and conditions outlined in the Tender Document
3. Obtain required approvals, permissions, and clearances from various Government Departments and Agencies
4. Execute necessary agreements and deeds

This development aligns with Vedanta's strategy to expand its mining operations and secure valuable mineral resources. The acquisition of the Punnam Manganese Block, once finalized, could potentially enhance the company's portfolio in the manganese sector.

As Vedanta Ltd continues to navigate its business operations, the company remains committed to transparency and compliance with regulatory requirements. The dual announcements demonstrate the company's proactive approach in addressing market speculations and pursuing growth opportunities in the mining sector.

A significant development has occurred in the legal proceedings against Vedanta , Hindustan Zinc Limited (HZL), and Vedanta Resources, as a Supreme Court judge has recused from hearing a public interest litigation (PIL) alleging financial irregularities, regulatory violations, and price manipulation by these companies.

PIL Allegations

The PIL, which cites a report by Viceroy Research, raises serious concerns about the financial practices of the companies involved. The allegations include:

• Financial manipulation
• Price rigging
• Regulatory violations
• Draining of listed Vedanta through large dividends and artificial brand fees
• Taking loans to purchase shares without proper disclosure of related-party transactions

Additionally, the petition claims that HZL failed to disclose pending litigation and statutory dues.

Regulatory Inaction Alleged

The petitioner has pointed out that regulatory authorities, including the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), and the Ministry of Corporate Affairs, have not responded to representations made by Viceroy Research regarding these issues.

Calls for Investigation

The PIL seeks directions for a comprehensive investigation by these regulatory bodies into the alleged violations. This request underscores the seriousness of the claims and the potential impact on investors and the market.

Case to be Heard by New Bench

Following the recusal of the Supreme Court judge, the case will now be listed before a different bench for further hearing. This move ensures that the matter will be heard afresh, maintaining the integrity of the judicial process.

The recusal and subsequent relisting of the case highlight the complexity and sensitivity of the allegations against these major players in the Indian mining and metals sector. As the case progresses, it will be closely watched by investors, regulatory bodies, and the wider business community for its potential implications on corporate governance and financial practices in India's corporate landscape.

Stakeholders and the public will be keenly awaiting the outcome of this case, which could have far-reaching consequences for the companies involved and potentially set precedents for corporate accountability and regulatory oversight in India.