A GREEN PALL HANGS OVER THE COPPER CZAR
Article Abstract:
The green bench of the Chennai High Court ordered Sterlite Industries on November 22, 1998, to shut down its copper smelter at Tuticorin in response to a public interest litigation. This had been prompted by an accident in which 5 workers were injured in a sulphuric acid leak. This accident at the copper smelter was the fourth one in 18 months. These accidents have claimed 3 lives. The plant has been inoperative for over 131 days. Sterlite Industries got a court order allowing it to operate the plant on an experimental basis till February 28, 1999. If the court rules against Sterlite Industries, its plans to increase its copper refining capacity from 100,000 tonnes per annum to 150,000 tonnes per annum by 2001 AD cannot be implemented. Its plan to establish a Rs3,400 crore, 125,000 tonnes per annum alumina refinery in Orissa will also be hit due to a financial crunch. The copper business accounted for over 60 percent of Sterlite Industries' sales in 1997-98. Sterlite Industries claims that the Ministry of Environment, the Tamil Nadu Pollution Control Board and Tata Consultancy Services have certified that the copper smelter conforms to required norms. Sterlite Industries has implemented 8 of the 12 recommendations made by the National Environmental Engineering Research Institute and is implementing the rest of them involving technical changes. Sterlite Industries also plans to rope in international agencies to get an ISO 14000 certification for the copper smelter. (tsm) (kvr)
Comment:
The green bench of the Chennai High Court ordered Sterlite Industries on November 22, 1998, to shut down its copper smelter at Tuticorin in response to a public interest litigation.
Publication Name: BusinessWorld
Subject: Business, international
ISSN:
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
IT'S DISCLOSURE NORMS, STUPID
Article Abstract:
The recent disclosure regulations announced by the Securities and Exchange Board of India (Sebi), making it mandatory for companies to announce their quarterly results and declare any important event within 48 hours of a board meeting, are aimed at achieving transparency and boost investor confidence. Sebi has also proposed to make it mandatory for employees of companies, accounting firms and market intermediaries to disclose any purchase or sale of shares made by them. But the implementation, standardisation and supervision of the norms are difficult in India due to the informed buying. In the National Stock Exchange (NSE), Price Waterhouse has already prepared a manual on market surveillance, which informs the exchange about a possible insider trading. After the information is gathered, analysed and presented to Sebi, the investigations will begin. (gsh)
Comment:
India: Securities & Exchange Board requires cos to report quarterly results & important event within 48 hrs of board meeting
Publication Name: BusinessWorld
Subject: Business, international
ISSN:
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: CAN JINDAL FIRE UP HIS FURNACE? THE RETAIL RITUAL
- Abstracts: MARUTI INDUSTRIAL CARBOHYDRATES - DISMAL PERFORMANCE CLARIANT
- Abstracts: PLANTATIONS: A QUESTION OF Rs1000 CRORE USHA MICROPROCESS CONTROLS YOGI PHARMACY: A PSEUDO YOGI
- Abstracts: Mr NICE GUY TRIES TO PLAY TOUGH SOMEONE IS MAKING MONEY IN TELECOM