Tuticorin plant: Supreme Court refuses to into NGT order
New Delhi, Sep 10 : The Supreme Court on Monday declined to interfere with an NGT order to set up an experts committee to study the impact of Vedanta's copper smelting plant in Tamil Nadu on the environment. The state government ordered the closure of the plant on May 22, prompting the company to approach the tribunal.
The tribunal had on August 20 set up the committee headed by a retired Judge to visit the smelting plant in Tuticorin, gather technical data and submit a report. The Tamil Nadu government challenged the setting up of the committee in the Supreme Court, contending that company's plea in NGT was not maintainable. Vedanta should have gone to the Madras High Court, not NGT, the state pleaded.
Tamil Nadu had ordered for the closure of the Tuticorin plant, around 650 km from Chennai, following protests and the death of 13 persons in police firing on May 22.
Refusing to interfere with the National Green Tribunal's order to set up the committee, a bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra said that the NGT will continue to hold hearing on merit and maintainability of the plea after the panel submits its report.
"Once the committee report is given to the NGT, it will proceed with the hearing," the court ordered.
Besides technical members, the committee has representatives of the Central Pollution Control Board and Ministry of Environment and Forest.
At the outset of the hearing, Justice Nariman said that the top court's August 17 order has not been brought to NGT notice. "Our order has to be obeyed."
As one of the counsel in the case said that the August 17 order was brought to NGT notice, Justice Nariman pointed out that it does not find mention in the August 20 NGT order.
The bench had on August 17 said: "We clarify that the National Green Tribunal may continue to hear the matter on merits and finally decide the matter both on the maintainability as well as on merits."
Disposing of Tamil Nadu government's challenge to the tribunal permission to Vedanata to access the administrative section of its now-shut Sterlite plant in Tuticorin, the court had said that it was open to Tamil Nadu to "argue the matter on the maintainability more fully after which the tribunal will render its final findings both on the maintainability as well as on merits."
As senior counsel C.S. Vaidyanathan insisted that the maintainability of the petition by the mining major be decided first, Justice Nariman said: "It is not our order. We had said both."
Vaidyanathan said that the mining major could have approached the High Court only and not the tribunal against the closure order. "We are not with you," Justice Nariman said as Vaidvanathan pressed his plea that the maintainability be decided first.
This month, the NGT had permitted access to the plant's administrative office but barred the Sterlite management from accessing the production unit on the premises.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rupee rises 10 paise to 92.41/USD; faces risks from rising global tensions
Mumbai (PTI): The rupee appreciated 10 paise to 92.41 against the US dollar in early trade on Friday, even as the USD/INR pair faces risks from rising global tensions, especially the US-Iran conflict.
Forex traders said the rupee is likely to see high volatility intra-day as the deadline for RBI's instructions to banks to curb their overnight positions to USD 100 million closes today.
At the interbank foreign exchange market, the rupee opened at 92.58 against the US dollar, then gained ground to touch 92.41 against the US dollar in initial trade, registering a gain of 10 paise over its previous close.
On Thursday, the rupee settled with a marginal gain of 3 paise at 92.51 against the US dollar.
"An estimated 80–85 per cent of these positions have already been unwound, which means the bulk of this supportive flow is now behind us. In simple terms, the cushion that held the rupee steady is beginning to thin, and this is where the story starts to shift," CR Forex Advisors MD Amit Pabari said.
Pabari further noted that looking ahead, the picture for the rupee appears to be changing. "With most of the NOP-related support now fading and global uncertainties still elevated, the scope for further strength seems limited. USDINR is likely to find a base in the 92.20–92.50 zone, with a gradual move higher towards 93.50–94.00 levels," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was higher by 0.07 per cent at 98.69 as the safe-haven demand has come down after the ceasefire, but as the ceasefire is fragile, the US dollar is getting bids at lower levels.
Brent crude, the global oil benchmark, was trading higher by 0.51 per cent at USD 96.44 per barrel in futures trade, as the ongoing uncertainty over the Strait of Hormuz opening is keeping the oil trade well bid.
Pabari further noted that just as domestic support begins to fade, the global backdrop is turning uneasy again. "The World Bank has flagged that India's growth for FY27, expected at 6.6 per cent, faces risks from rising global tensions, especially the Iran conflict," he said.
According to Pabari, India continues to have strong buffers in the form of forex reserves and a stable banking system, but pressure points are slowly beginning to build.
On the domestic equity market front, the stock markets witnessed a rebound in early trade. The 30-share Sensex jumped 630.08 points to 77,261.73, while the Nifty climbed 203.6 points to 23,978.70.
Foreign Institutional Investors offloaded equities worth Rs 1,711.19 crore on Thursday, according to exchange data.
_vb_63.jpeg)