BackSC to hear plea against Sesa Goa-Sterlite merger in end-September
The govt moved the Supreme Court in 2014 against the merger of two units of Anil Agarwal-owned Vedanta Resources, Sesa Goa and Sterlite, citing tax evasion
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New Delhi: The merger between Sesa Goa Ltd and Sterlite Industries Ltd, announced first in 2012, and which was challenged in the Supreme Court will now be heard in the last week of next month.
On Monday, a bench headed by justice Ranjan Gogoi adjourned the case scheduled for hearing to the last week of September. No specific date has been set.
The dispute arises from the merger of the two units of Anil Agarwal-owned Vedanta Resources Plc — copper producer Sterlite and aluminium maker Sesa created Sesa Sterlite (now called Vedanta India Ltd) in an all-share transaction.
In 2014, the ministry of corporate affairs moved the apex court against their merger claiming that it was done to evade tax.
Another plea from the income tax department is also being heard with this case. The I-T department alleged that the merger was such that the profits of Sesa Goa were subsumed in the loss-making Sterlite Industries, resulting in an amalgamated entity with no profits. Sesa Sterlite, the department had told the court, had sought a revised refund of ₹ 1600 crore from the tax department.
In January 2015, the Supreme Court said that the case would be heard for final disposal.
The final arguments in the case from both sides are expected next month.
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