The Lusaka High Court has reserved ruling to a date to be advised, on Vedanta Resources Holdings’ application to stay and refer the Konkola Copper Mines (KCM) winding-up proceedings to arbitration.
This is the matter in which ZCCM Investments Holdings PLC is seeking an order to have Konkola Copper Mines (KCM) liquidated.
Early this month, Vedanta Resources Holdings, the majority shareholder of KCM had applied for an order to stay proceedings and refer the matter to arbitration.
And when the matter came up in chambers, Monday, High Court judge Anessie Banda-Bobo reserved her ruling on the two applications after deliberations which lasted hours.
KCM, through its lead counsel Bonaventure Mutale, opposed Vedanta’s application to refer the parties to arbitration and asked the court to dismiss the application saying there was no dispute warranting such an order.
He added that Vedanta was not a party to the proceedings and could not, therefore, move the court under section 10 of the Arbitration Act.
Mutale submitted that on June 20, the court resolved the status of the contributor (Vedanta), which it refused joinder to the proceedings.
“The petitioner is seeking to wind up KCM, we submit that this is not an issue the arbitrator can not deal with. The corporate insolvency act has granted this court a jurisdiction of winding up companies. We submit that there is no dispute and pray for a dismissal of this application,” he submitted.
Meanwhile, Vedanta, through its lawyer Mulenga Mundashi, argued that Vedanta was a party to the shareholders’ agreement and therefore prayed that the court sustained the application.
“Our client is a party to these proceedings. I therefore pray that this court sustains our application,” he submitted.