Vedanta Resources plc - Publication of Annual Report and Accounts FY2017.
ENPNewswire-July 5, 2017--Vedanta Resources plc - Publication of Annual Report and Accounts FY2017
(C)2017 ENPublishing - http://www.enpublishing.co.uk
Release date- 04072017 - Following the release, on 24 May 2017, of the Company's preliminary results for the year ended 31 March 2017, the Company announces that it has published its Annual Report and Accounts FY2017 which is available to view on the Company's website at www.vedantaresources.com.
Hard copies of the Annual Report and Accounts FY2017 will be sent, in due course, together with the Notice of 2017 Annual General Meeting and other ancillary documents in respect of the 2017 Annual General Meeting to those shareholders who have elected to continue to receive paper communications.
A copy of the Annual Report and Accounts FY2017 has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.
The Company's 2017 Annual General Meeting will be held at 3.00 p.m. on 14 August 2017 at The Lincoln Centre, 18 Lincoln's Inn Fields, London WC2A 3ED.
The Appendix to this announcement contains the following additional information which has been extracted from the Annual Report and Accounts FY2017 for the purposes of compliance with DTR 6.3.5 only:
a description of principal risks and uncertainties; a note on related party transactions and the Directors' Responsibilities Statements.
The Appendix should be read in conjunction with the Company's preliminary results announcement issued on 24 May 2017 (including the notice on forward looking statements included in that announcement). Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This announcement should be read in conjunction with and is not a substitute for reading the full Annual Report and Accounts FY2017. Page and note references in the text below refer to page numbers and notes in the Annual Report and Accounts FY2017 and terms defined in that document have the same meanings in these extracts.
Appendix
Related Party Transactions
Sterlite Technologies Limited ('STL')
Sterlite Technologies Limited is related by virtue of having the same controlling party as the Group, namely Volcan. Pursuant to the terms of the Shared Services Agreement dated 5 December 2003 entered into by the Company and STL, the Company provides various commercial services in relation to STL's businesses on an arm's length basis and at normal commercial terms. For the year ended 31 March 2017, the commercial services provided to STL were performed by certain senior employees of the Group on terms set out in the Shared Services Agreement. The services provided to STL in this year amounted to US$0.03 million (2016: US$0.02 million).
Sterlite Power Transmission limited ('SPTL').
Sterlite Power Transmission limited ('SPTL') is related by virtue of having the same controlling party as the Group, namely Volcan.
Vedanta Foundation
During the year US$10.2 million was paid to the Vedanta Foundation including the value of land and a flat given as donation. (2016: US$0.5 million). The Vedanta Foundation is a registered not-for-profit entity with a broad focus mainly on education, nutrition and livelihood. The Vedanta Foundation is a related party as it is controlled by members of the Agarwal family who control Volcan. Volcan is also the majority shareholder of Vedanta Resources plc.
Sesa Goa Community Foundation Limited
Following the acquisition of erstwhile Sea Goa Limited, the Sesa Goa Community Foundation Limited, a charitable institution, became a related party of the Group on the basis that key management personnel of the Group have significant influence on the Sesa Goa Community Foundation Limited. During the year ended 31 March 2017, US$0.3 million (2016: US$0.4 million) was paid to the Sesa Goa Community Foundation Limited.
Sterlite Iron and Steel Limited
Sterlite Iron and Steel Limited is a related party by virtue of having the same controlling party as the Group, namely Volcan.
Vedanta Medical Research Foundation
edanta Medical Research Foundation is a related party of the Group on the basis that key management personnel of the Group exercise significant influence.
Volcan Investments Limited
Volcan Investments Limited is a related party of the Group by virtue of being an ultimate controlling party of the Group.
Bank guarantee has been provided by the Group on...
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