Vedanta Faces Tribunal Deferral Amidst Ministry Objection on Demerger Plan
The National Company Law Tribunal (NCLT) has postponed the hearing on Vedanta's demerger plan due to objections from the Ministry of Petroleum and Natural Gas regarding insufficient disclosures. The tribunal directed both parties to submit written responses, emphasizing the need for clarity on financial and asset-related information.
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The National Company Law Tribunal (NCLT) deferred Wednesday's hearing on Vedanta's demerger plan to October 8, following objections from the Ministry of Petroleum and Natural Gas. The ministry cited insufficient disclosures, particularly concerning the RJ-ON-90/1 Oil and Gas Block in Rajasthan.
Vedanta's counsel argued that all compliance measures have been met and highlighted that the National Company Law Appellate Tribunal (NCLAT) recently cleared their restructuring plan for power and metal businesses, including Talwandi Sabo Power. Meanwhile, the EPC contractor, Sepco, withdrew its complaint after reaching a settlement.
Despite the Securities and Exchange Board of India (SEBI) raising no objections, the tribunal mandated Vedanta and the ministry to file detailed submissions within five days. The final hearing on the scheme is now scheduled for October 8, 2025, with extended deadlines to facilitate regulatory approvals.
(With inputs from agencies.)
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