The Delhi High Court has directed Sterlite Industries Ltd and Eastern Galvanising to pay interest at 15 per cent per annum on the amount due from July 2, 1998. It is to be paid to those shareholders who offered the shares under the open offer in May 1998. The high court ruling, passed on May 31, 2002, held that withdrawal of the Sterlite open offer would not be permitted. Sterlite official said the company's lawyers were still studying the order and would be able to respond only after going through its implications.
NSTL
