The Economic Times
China's Shenzhen Shandong moves Bombay High Court against Vedanta
Edited by : AL CIRCLE
1 min read
Shenzhen Shandong Nuclear Power Construction Company has moved the Bombay High Court seeking invocation of the 30-crore bank guarantee provided by Vedanta Aluminium for machinery purchase.
A bench comprising Chief Justice Mohit Shah and Justice NM Jamdar directed that the bank guarantee funds be deposited with it. The next hearing will be on July 16.
A single-judge court had earlier ruled in favour of Vedanta.
Vedanta and China's Shenzhen Shangong are engaged in a dispute over the payment for supply of machinery to the London-listed company's power plant being set up at a cost of 1,200 crore in Lanjigarh, Odisha. The Chinese company has delivered the equipment, but the project is stuck due to lack of governmental clearances.
Shenzhen alleged that Vedanta Aluminum hid the fact that it did not have the approval of the environment ministry. Vedanta said the contract mentioned that ministry approval was pending. A Vedanta spokesman declined to comment for this report.
A bench comprising Chief Justice Mohit Shah and Justice NM Jamdar directed that the bank guarantee funds be deposited with it. The next hearing will be on July 16.
A single-judge court had earlier ruled in favour of Vedanta.
Vedanta and China's Shenzhen Shangong are engaged in a dispute over the payment for supply of machinery to the London-listed company's power plant being set up at a cost of 1,200 crore in Lanjigarh, Odisha. The Chinese company has delivered the equipment, but the project is stuck due to lack of governmental clearances.
Shenzhen alleged that Vedanta Aluminum hid the fact that it did not have the approval of the environment ministry. Vedanta said the contract mentioned that ministry approval was pending. A Vedanta spokesman declined to comment for this report.
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