MUMBAI, October 22, 2014 /PRNewswire/ --
Sesa Sterlite Limited announces that it has received the
necessary approval from Reserve Bank of India for remittance of US$82.75 million to Asarco LLC in order to
satisfy the Judgment of the US Bankruptcy Court.
Subsequently, pursuant to a settlement agreement entered on
Oct 17, 2014 between the parties, the
Company has paid the approved amount to Asarco LLC and the
parties have settled all their claims against each other in
this matter. Accordingly, all pending appeals have been
withdrawn by the parties, all enforcement actions have been
terminated by Asarco LLC and the Turnover Order has been vacated by
the US Bankruptcy Court. The Company had already recognized the
Judgment amount of US$82.75 million
as expenses and as liability in FY2012.
(Logo:
http://photos.prnewswire.com/prnh/20140117/663814 )
With the aforesaid settlement, any issues pertaining to payment
of dividend to eligible ADR holders has been resolved.
About Sesa Sterlite Limited
Sesa Sterlite Limited ("Sesa Sterlite") is one of the world's
largest diversified natural resources companies. Our business
primarily involves exploring, extracting and processing minerals
and oil & gas. We produce oil & gas, zinc, lead, silver,
copper, iron ore, aluminium and commercial power and have a
presence across India,
South Africa, Namibia, Ireland, Australia, Liberia and Sri
Lanka. Sesa Sterlite has a strong position in emerging
markets with over 80% of its revenues from India, China,
East Asia, Africa and the Middle East.
Sustainability is at the core of Sesa Sterlite's strategy, with
a strong focus on health, safety and environment and on enhancing
the lives of local communities.
Sesa Sterlite is a subsidiary of Vedanta Resources plc, a
London-listed company. Sesa
Sterlite is listed on the Bombay Stock Exchange and the National
Stock Exchange in India and has
ADRs listed on the New York Stock Exchange.
Disclaimer
This press release contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behavior of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future
integration of acquired businesses; and from numerous other matters
of national, regional and global scale, including those of a
political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
Sesa Sterlite Limited
(Formerly known as Sesa Goa Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
http://www.sesasterlite.com
Registered Office:
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
For Further information, please contact
Communications
Roma Balwani
Executive Vice President - Group Communications
& CSR
+91-22-6646-1330
gc@vedanta.co.in
Investor Relations
Ashwin Bajaj
Senior Vice President - Investor Relations
Sheetal Khanduja
Associate General Manager - Investor Relations
+91-22-6646-1531
Sesasterlite.ir@vedanta.co.in
SOURCE Sesa Sterlite Limited
