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DEVELOPMENT AND DISPLACEMENT

Protest Against Vedanta

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.

https://www.facebook.com/events/110028396011286/ 

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.

We stand in solidarity with affected communities around the world and call upon the Ministry of Finance and the RBI not to extend life support to floundering Vedanta by refusing to approve any public credit or bid to bail out Vedanta. This is in line with RBI Governer Raguram Rajan’s own warnings about the major crisis of bad debt facing India today and his resolute call for punishing defaulting corporations that “freeload”.
Join us on 3rd August at 12pm outside the RBI office (Patel Chowk Metro),
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).

Contact: 8130414606, 9953762928

PLEASE CIRCULATE WIDELY!
 
For more detailed information, kindly refer to the document attached.

** Apologies in case of cross-posting

About Intercultural Resources

Intercultural Resources is a forum for research and political intervention on issues related to the impacts and alternatives to destructive development. Our effort draws upon the social, cultural, material and intellectual resources that have been generated in the course of dialogues between people of different cultures on questions of social justice, development and self-rule. We are of the view that dialogue can sustain plurality and open possibilities for recovery of the ground lost on account of inter-cultural alienation, which is manifest in a variety of forms of violence that we encounter everyday at different levels of social life. Intercultural Resources is based in Delhi, India. Email: ihpindia@gmail.com

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