ZCCM-IH OBJECTS TO VEDANTA APPLICATIONLESOETSA ZCCM-IH has objected to the application by Vedanta Resources limited in which it is asking the Lusaka High Court to dismiss or set aside the KCM winding up petition, describing the move as an abuse of court process. ZCCM-IH contends that the stay of proceedings is still in effect, thus Vedanta is not in a position to apply for an order to strike out and or dismiss the petition. In this matter, ZCCM-IH petitioned the court to place Konkola Copper Mine under liquidation claiming that it was being managed in a manner that is detrimental to its interests. It alleged that the giant mining firm whose majority shareholder was Vedanta evaded taxes and it was insolvent. On September 20, Vedanta filed an application that the petition be struck out arguing that it does not disclose any reasonable cause of Section 57 of the Corporate InsolvencyAct and also have the provision […]
ZCCM-IH OBJECTS TO VEDANTA APPLICATION
