Vedanta files intention to appear in KCM winding up petition
By Staff Reporter
THE majority shareholder of Konkola Copper Mines Plc, Vedanta Resources Holding Limited, has filed a notice of intention to appear at the hearing of the petition in which ZCCM-Investment Holdings wants the Lusaka High Court to wind up the mining giant to oppose it.
On Thursday, judge Anessie Banda – Bobo refused to join Vedanta Resources Holding Limited to the winding up petition because they did not follow the right procedure of filing a notice of intention to appear and not a joinder application.
In her ruling, judge Banda – Bobo, said a non party who had an interest in winding -up proceedings is required to file a notice of intention to be heard on the winding -up petition, and only then could such be heard on any application before or during the hearing of the actual petition.
Today, Vedanta Resources Holding Limited through its lawyers Messrs Mulenga Mundashi and Kasonde Legal Practitioners filed a notice of intention to appear on a petition pursuant to Rule 10 of the Companies (Winding Up Rules Statutory Instrument no. 68 of 2004 as read with section 60 (3) of the Corporate Insolvency Act no. 9 of 2019.
“Take notice that Vedanta Resources Holding Limited of Berkeley Square, Mayfair, London W1J6Ex United Kingdom, a member of the respondent (KCM) herein, intends to appear on the hearing of the above mentioned petition to oppose it when the said petition is presented for hearing,” read the notice.
ZCCM Investment Holdings commenced winding up proceedings, on allegations among others that KCM had become insolvent.
ZCCM-IH appointed lawyer Milingo Lungu as provisional liquidator through an exp parte order which judge Bobo granted.
However, Vedanta Resources applied to join the proceedings because they had an interest as majority shareholders but the judge threw out the application on grounds that they used wrong procedure.
Hermien Uys, a South African of Stellenbosch who is an authorised representative of Vedanta, filed arguments, stating that the majority shareholder should be heard because they have an interest in the matter.
Uys stated that they invested millions of United States dollars in KCM with a view to realize a return on the investment over a period of time.
The case comes up on July 4 for hearing various applications.
