NCLT seeks Vedanta reply after petroleum ministry flags co’s demerger plan
MUMBAI: On Wednesday, the National Company Law Court (NCLT) Mumbai counter asked Vedanta Ltd to respond to the approaching terrace by the Union Ltd within four weeks after the objection to the approaching terrace, and to respond to the company’s plan for the first time after two years ago.
The case, which was heard by a bench of Justice Mohan Prasad Tiwari and Charanjeet Singh Gulati, was later listed on September 17 for a hearing.
A delayed time schedule
Development can push the timeline of Vedanta’s timeline for Demender. The company first announced its plan to enter six organizations listed separately in September 2023. It aimed to complete Dememerger by March 2025.
However, last December was estimated to be postponed to September 2025, especially due to regulatory approvals from NCLT.
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Vedanta spokesman confirmed that the Ministry of Oil made a representation before NCLT.
“He also confirmed that Sebı (Indian Securities and Stock Exchange Board) declaration was that there was no other interpretation of the essence of the (Dememerger) program and that the court could continue to judge the issue. In addition, goodbye received NOC (unexpected certificate) from the modified scheme.”
Mint Independently, he could not determine the details of the objections of the Ministry of Oil.
However, he said that a person is aware of the issue, as his market organizer Sebi gave to Dememer Stands.
Vedanta LTD shares settled 1% lower. La445.45 on Wednesday at BSE.
On August 13, Sebi issued an administrative warning to Vedanta, according to regulatory statements made by the company. The market regulator said that after Sebı received an undesirable certificate from the BSE without the written permission of Sebı, the company had changed or changed the deyger plan.
Changes are now related to the preventive manners of the basic metal business. Initially, the company planned to be divided into six organizations listed separately. However, in December last year, he decided to protect the basic metal business in the main company and changed his Demenger plan to five companies.
Five companies will continue as the main assets and will take the shares of Hindustan Zincin Vedanta Petrol & Gas, Vedanta Power, Vedanta Iron and Steel and Vedanta Ltd. Vedanta shareholders will receive a share in each of the new companies.
Sebi, “the above incompatibility was seen seriously. Accordingly, the company was suggested to be careful and careful in the future to prevent the recurrence of such tours,” he wrote, “Sebi wrote a copy of the Vedanta Ltd. The letter did not mention what the change or change in the deyger plan.
Read more: Short seller Viceroy, Vedanta’s parents, ED review returned a portion of the brand fee.
The court asked Sebi to submit his declaration within two weeks.
Previously, Viceroy Research, a US -based short vendor company, accused Vedanta Group for alleged financial abuse and false declarations, and accused of increasing stock prices, manipulating asset values, raising non -balancing loans and corporate governance issues. The short seller first published his note on Vedanta on July 9, and since then he published 21 notes about the Vedanta Group.
Viceroy has a short position against the bonds of Vedanta Resources, the holding company of London -based Vedanta Group. He claims that the group is not exposed to two companies listed in India.
