The Vedanta demerger is delayed yet again as the National Company Law Tribunal (NCLT) on Wednesday deferred the matter to November 12, as the Mumbai bench, hearing the matter, has been reconstituted.
The tribunal's reconstituted bench will now hear Vedanta's plea and the Ministry of Petroleum and Natural Gas (MoPNG) objections on the demerger scheme of arrangement all over again.
The NCLT will now begin to re-hear the case on November 12.
The counsel representing Vedanta also informed the tribunal that the Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan following warnings on disclosure and compliance issues.
Vedanta had filed a scheme of arrangement before the NCLT Mumbai bench covering four group companies - Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel - along with their shareholders and creditors.
The Ministry of Petroleum and Natural Gas had objected to Vedanta's proposed demerger.
Market regulator SEBI had sought details on the proposed base metals carve-out. That particular carve-out is no longer part of the current plan, after Vedanta revised its original blueprint.
Initially, the company had outlined a plan to split into six independent entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. The revised scheme, however, retains the base metals business within the parent company.
The demerger was proposed to streamline operations, improve management focus, and unlock shareholder value.
In March 2025, the deadline for completing the demerger was extended to September 30, 2025, due to pending approvals from the NCLT and other government bodies. PTI
The tribunal's reconstituted bench will now hear Vedanta's plea and the Ministry of Petroleum and Natural Gas (MoPNG) objections on the demerger scheme of arrangement all over again.
The NCLT will now begin to re-hear the case on November 12.
The counsel representing Vedanta also informed the tribunal that the Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan following warnings on disclosure and compliance issues.
Vedanta had filed a scheme of arrangement before the NCLT Mumbai bench covering four group companies - Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel - along with their shareholders and creditors.
The Ministry of Petroleum and Natural Gas had objected to Vedanta's proposed demerger.
Market regulator SEBI had sought details on the proposed base metals carve-out. That particular carve-out is no longer part of the current plan, after Vedanta revised its original blueprint.
Initially, the company had outlined a plan to split into six independent entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. The revised scheme, however, retains the base metals business within the parent company.
The demerger was proposed to streamline operations, improve management focus, and unlock shareholder value.
In March 2025, the deadline for completing the demerger was extended to September 30, 2025, due to pending approvals from the NCLT and other government bodies. PTI
You may also like
Every word a furious Enzo Maresca said on 'embarrassing' Liam Delap red card and Wolves victory
Halloween festival compared to viral 'Willy Wonka Experience' as visitors 'disappointed'
Arc Raiders global release times, launch date and last-minute pre-load delay
Chelsea player ratings vs Wolves: Gittens runs the show with two 9/10s in chaotic victory
Understanding Adolescent Osteoporosis: A Growing Concern Among Youth
