Vedanta’s billions: Regulatory failure, environment and human rights

Das, Samarendra , Miriam Rose, Krishendu Mukherjee, Simon Chambers, Kerima Mohideen, Harinder Pal Singh Ishar, Fatima Babu and Foil Vedanta (2018) Vedanta’s billions: Regulatory failure, environment and human rights Foil Vendata

Abstract

Vedanta Resources Plc [LON: VED] is a London listed FTSE 250 diversified natural resources company witha market cap of US$ 2.922 billion (August 6, 2018), controlled and owned by Anil Agarwal and his family witha 66.87% shareholding, and 36 major shareholders with 31.38%. Vedanta Limited [VEDL] is the principaloperating group listed on both the National Stock Exchange of India Limited (NSE) and Bombay Stock ExchangeLimited (BSE) with market capitalisation of US$ 12.1 billion1, and American Depository Receipts listed on theNew York Stock Exchange (NYSE). Vedanta subsidiary Hindustan Zinc Limited (HZL) [HINDZINC], a BSE andNSE listed company, is the world’s second largest zinc producer, and the world’s 15th largest mining company withmarket capitalisation of US$ 17.5 billion.2The Vedanta group produces copper, zinc, aluminium, lead, silver, gold, iron ore, oil & gas and commercial energyand has a presence through 12 major subsidiaries and 81 companies in India, Sri Lanka, Zambia, Namibia, SouthAfrica, UAE, Ireland, Liberia and Australia.On 24 May 2018 thirteen people including women and children were shot dead, 217 injured, and nine disabledfor life3 in a police firing during a major rally to mark 100 days of continual protest against Vedanta’s coppersmelter in Tuticorin, Tamil Nadu, India. On 24 March 2018 thousands of locals had taken part in a protestagainst pollution in the town.4 The tragedy at Tuticorin is the latest in a history of legal violations, human rightsand environmental abuses associated with Vedanta, which is faced with protests at many of its operations.This report summarises the key violations, with reference to important legal judgments and evidence. Its purposeis to inform governments, parliamentarians, regulatory bodies and investors who may be concerned with thecompany’s behaviour

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Contributors

Author: Samarendra Das

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