The Lusaka High Court has deferred to June 4 hearing of an application in which Vedanta Resources Holdings Limited applied to be joined to the proceedings in the matter in which ZCCM-Investment Holdings is seeking an order that Konkola Copper Mines (KCM) be liquidated because it is insolvent.
The matter was scheduled to come up for hearing Vedanta’s application but has been adjourned because KCM was not served with the summons.
This came to light after the defendants informed the court that they were not able to proceed with hearing of the application because they were not served with the relevant documents.
The Court had no choice but to adjourn the matter to June 4 for hearing.
In its application for ex-parte joinder, the applicant indicated that if they are not joined to the proceedings, it stands to suffer great prejudice as it has over 79 percent shares in the mining company.
The Company’s representative, Hermien Uys, explained that ZCCM-IH and Vedanta are KCM shareholders.
On May 21, ZCCM-IH filed a petition seeking an order to wind up the respondent and asked the Court to appoint Lusaka lawyer Milingo Lungu to be a provisional liquidator for the respondent.
But Uys stated that Vedanta had invested millions of dollars in KCM with a view to realising a return on the investment over a period of time and that it was therefore within its interest that KCM should continue as a going concern.
Uys further stated that as a majority shareholder in KCM, Vedanta stands to suffer great prejudice if the court ordered that the mining company be wound up without hearing it.