Vedanta moves HC against centre’s notice to OMCs on allocation of oil sale proceeds


Vedanta moves HC against centre’s notice to OMCs on allocation of oil sale proceeds

The Delhi High Court has sought response of the Centre on Vedanta Ltd’s plea challenging its notice to oil marketing companies (OMCs) not to forward to the company its share of the proceeds from sale of petroleum products.

Justice Rajiv Shakdher issued notice to the Centre and sought its response, by November 13, to the company’s applications challenging the government’s directive to the OMCs.

The judge asked the Centre to deposit in court USD 10.72 million, the upcoming payments due to Vedanta from OMCs between October 30 and November 1.

The court said however that if the company wants to get the amount released, it will have to furnish bank guarantee of the same amount. Read More