As Vedanta Resources holds its Annual General Meeting (AGM) in London on 3rd August, we are back again with the Annual Global Day of Action against Vedanta. This year in Delhi, we shall hold an elaborate Funeral Ceremony for Vedanta with much pomp and grandeur. As relentless community-led struggles against Vedanta’s destruction and looting rage around the world, Vedanta is almost on its deathbed.
With over US$9.1 billion of debt, a 61% decline in its share value and over US$2.4 billion of debt to be repaid in FY 2016-17, Vedanta’s only life-line is through credit from Indian PSU banks as no international creditors are willing to lend it any more money. This credit would allow it to buy up the remaining shares of its majority owned subsidiaries Cairn India, profitable PSU Hindusthan Zinc Limited and BALCO so that it can access their cash reserves worth over $7billion and repay its outstanding debts. It would also result in Vedanta’s debts being transferred to the Indian public.
where we read out Vedanta’s obituary, recalling its horrifying track record of remorseless violence against communities, its constant flouting of environmental laws, its dealings in illegal financial transactions, and its lies to shareholders and investors. Bring drums, bring placards, bring dances, songs and poems.
As we celebrate the defiant struggles that have brought Vedanta to its death-bed today, we shall also remember and mourn the death and suffering of all the people, mountains, rivers, trees, animals, birds and spirits who have been ruthlessly murdered by Vedanta’s actions across the globe.
This protest is held in solidarity with protests being led by communities in Udaipur (Rajasthan), Korba (Chattisgarh), Munigudda (Orissa), Chingola and Lusaka (Zambia) and by activists in London and Hyderabad. It is supported by Foil Vedanta (www.foilvedanta.org).