Vedanta Demerger Faces Setback as NCLT Delays Hearing
The National Company Law Tribunal has postponed its hearing on Vedanta's demerger plan to November 12 due to bench reconstitution. Vedanta revised its plan post SEBI's concerns. The demerger aims to streamline operations and improve shareholder value, but faces objections from the Ministry of Petroleum and Natural Gas.
- Country:
- India
The delay in Vedanta's demerger plan has become a matter of concern, as the National Company Law Tribunal (NCLT) postponed its hearing to November 12. The deferment came in light of the Mumbai bench's reconstitution, necessitating a fresh review.
Vedanta's counsel informed the tribunal that the Securities and Exchange Board of India (SEBI) has approved its revised demerger plan after addressing disclosure and compliance warnings. The revised scheme excludes the base metals carve-out initially proposed.
This development further complicates Vedanta's efforts to streamline operations and enhance shareholder value, especially with objections from the Ministry of Petroleum and Natural Gas. The demerger deadline has been extended to September 30, 2025, pending necessary approvals.
Google News