RNS Number : 4221B
Vedanta Resources PLC
27 October 2009
Clarification on Media Reports regarding Sesa Goa
Sesa Goa Limited ("Sesa" or the "Company") wishes to clarify its position regarding certain statements made in the media which suggest that an inquiry has been initiated by the Serious Fraud Investigation Office ("SFIO") with respect to the Company on certain alleged matters that appear to pertain to the period prior to its acquisition by Vedanta Resources plc.
As of 27 October 2009, the Company has not received any notification or communication from the SFIO on this matter and is currently not in a position to comment on such statements in the media. Sesa and its management are committed to the highest levels of corporate governance and transparency and will fully cooperate with any inquiry. Sesa continues to conduct its business in full compliance with all applicable laws and regulations.
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Sesa is India's largest exporter of iron ore in the private sector. The company is a majority owned and controlled subsidiary of Vedanta Resources plc, the London listed FTSE 100 diversified metals and mining major. For over five decades, Sesa has been involved in iron ore mining, beneficiation and exports. Over the last two decades, it has diversified into the manufacture of pig iron and metallurgical coke. Sesa has mining operations in Goa, Karnataka and Orissa while it also operates a 280,000 TPY metallurgical coke plant and a 250,000 TPY pig iron plant in Goa.. The Company recently acquired the shares of V.S. Dempo & Co. Pvt. Ltd, which in turn holds 100% equity shares of Dempo Mining Corp. Pvt. Ltd.
This press release contains "forward-looking statements" - that is, statements related to future, not past, events and may be interpreted as 'forward looking statements' within the meaning of applicable laws and regulations. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the company's operations include a downtrend in the steel, pig iron & met coke industry - global or domestic or both, significant changes in political, economic, business, competitive or regulatory environment in India or key markets abroad and from numerous other matters of national, regional & global scale including but not limited to natural calamity, tax laws, litigations, Government policies & regulations, fluctuations in interest and or exchange rates of Indian Rupee, etc. Any forward-looking information in this press release has been prepared on the basis of a number of assumptions, which may prove to be incorrect. This press release should not be relied upon as a recommendation or forecast by Sesa Goa Ltd. The views expressed herein may contain information derived from publicly available sources that have not been independently verified; no representation or warranty is made as to the accuracy, completeness or reliability of this information. We do not undertake to update our forward-looking statements.
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