In response to queries, Vedanta has provided the following update in respect of the legal processes currently underway relating to KCM.
Vedanta’s application to be joined to the confirmation hearing for the ex parte appointment of a provisional liquidator for KCM was heard by Justice A.M. Banda-Bobo in the Lusaka High Court.
She has reserved her ruling provisionally until 20 June 2019, with the actual date of the ruling to be confirmed on 17 June 2019.
The motion for KCM (acting through its Directors) to appear in the matter, represented by Nchito & Nchito Attorneys, was set down for a hearing on 20 June 2019, subject to change if the date of the ruling on the joinder hearing is postponed.
Vedanta maintains that ZCCM has chosen a route which seeks to exclude Vedanta, by having a Provisional Liquidator appointed ex-parte.
The applications by Vedanta and KCM (through its directors) are to allow Vedanta (as KCM’s majority shareholder) and KCM to appear and make representations at any hearing in the winding-up proceedings, including in relation to the confirmation of the appointment of the Provisional Liquidator and the hearing of the winding-up petition.
A date has not yet been set for the hearing in relation to the confirmation of the appointment of the Provisional Liquidator.
Vedanta does not consider that there are just and equitable grounds to wind-up KCM and will defend all attempts to do so.