Vedanta Completes Cairn Merger
India’s metal and mineral major, Vedanta is awaiting the final nod from central bank, Reserve Bank of India (RBI) to complete the proposed merger with its energy subsidiary, Cairn India Ltd., to create the fourth largest resource company in the world. Vedanta, the Indian subsidiary of London Stock Exchange (LSE) listed Vedanta Plc has secured all approvals from its shareholders and that of Cairn India Ltd. and India’s National Company Law Tribunal to effect the merger. However, the final regulatory clearance from RBI was necessary as the merger would involve issue of fresh non-redeemable preference shares to non-resident minority shareholders of Cairn.
According to a Vedanta statement, the merger would be effective as soon as the approval for issue of non-redeemable preference shares was received from the Indian central bank. “It is just a matter of a very short time that last of the formalities will be completed and the merger process become effective,” a company source said. The revised target date for completion of the merger had been set for April 2017.
Kingsgate Commences Claim Against Thailand
Kingsgate Consolidated Ltd. will seek a range of remedies, including compensation, from the Thai Government for the measures taken against the Chatree gold mine in violation of the Australia-Thailand Free Trade Agreement (TAFTA). As a first step, Kingsgate notified the Prime Minister of the Kingdom of Thailand that it wishes to engage in consultations as required under TAFTA.