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73,651.35
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Corporate Announcement
Security Code
500295
Company
Vedanta Limited
Exchange Received Time
01/04/2021 13:45:22
Exchange Disseminated Time
01/04/2021 13:45:30
Time Taken
00:00:08
Delhi High Court Sets Aside Single Judge Order Directing PSC Extension For Barmer Block On Same Terms |
04/01/21 13:45
This is to inform you that the Division Bench of Hon'ble Delhi High Court on Friday, 26 March 2021, set aside a single judge order directing the Government of India (GoI) to extend the Production Sharing Contract (PSC) with Vedanta Limited and ONGC for Barmer block in Rajasthan on same terms and conditions.
As per the latest judgement, extension of the PSC will come under the GoI Extension Policy dated April 7, 2017 which inter-alia entails extension on payment of an additional 10 percent profit petroleum to the GoI. In line with this Policy, in respect of previously reported quarters of the financial year 2020-21, this shall result in cash outflow to the extent of additional profit petroleum, however, there is no adverse impact on the Income statement as the amount has been fully provided for.
Cairn Oil & Gas, Vedanta Limited, is in the process of reviewing the court's order and will assess the next course of action.
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