Konkola Copper Mines (KCM) PLC has asked the Lusaka High Court to dismiss Vedanta Resources Holdings Limited’s application for joinder to the proceedings in the case in which ZCCM Investments Holdings PLC is seeking an order that KCM is liquidated because it is insolvent.
Lawyer for the provisional liquidator Bonaventure Mutale argued that there is no provision for a joinder at any stage of the legal proceedings.
Mutale said that the order being sought by Vedanta is not provided for by the companies (winding up) rules of 2004.
“We accordingly pray that the application be dismissed with costs,” Mutale said.
However Vedanta notes that it stands to suffer great prejudice as it has over 79 percent shareholding in the mining company and if it is not joined to the proceedings may be disadvantaged.
Company Representative Hermien Uys argued that Vedanta has every right to seek for a joinder in a matter it has a direct interest.
On May 21, the petitioner filed a petition, seeking an order to wind up the respondent and the court appointed one Milingo Lungu to be a provisional liquidator for the respondent.