Vedanta’s Anil Agarwal invokes Gita in first statement on Jaypee bid reversal: ‘We have no attachment to this asset’

Vedanta Ltd Chairman Anil Agarwal on Sunday broke his silence on the reversal of the conglomerate’s Jaiprakash Associates bid; That offer was rejected by lenders last year, even though the company was the highest bidder to buy the asset.

Referring to the Gita in his statement about Do your duty without attachment. Life tested this.”

He described a series of events in which Vedanta initially emerged as the highest bidder for Jaiprakash Associates. “Everyone withdrew from the tender one by one. Finally, we were publicly announced as the company with the highest bid,” he said.

Agarwal announced that Vedanta was notified in writing that they had won the tender to acquire Jaiprakash Associates.

Vedanta President said, “It was a transparent process. We were informed in writing that we had won. However, life is never that simple. After a few days, the decision changed.”

He said Vedanta would approach the “right forum” to discuss the details of the decision and that it was a legal challenge in the courts.

Agarwal said the bidding took place through a public auction conducted by the committee of creditors (CoC) under the Insolvency and Bankruptcy Code (IBC). However, Vedanta stated that multiple bidders withdrew from the bid until the highest bid was submitted.

Recalling lines from Gita, Anil Agarwal said that Vedanta has no attachment to existence and talks about fulfilling Dharma.

“We have no attachment to this entity. If it comes, it is God’s grace. If it leaves, that is also its desire. But one thing we believe strongly in is that in Dharma, when something is promised, it should not be taken back. We see this again and again in our scriptures. Truthfulness, devotion and justice are above all.”

Touching further on the Gita lessons, Agarwal said Vedanta “will follow the right path”.

“The Gita gives a simple answer: Do your duty with courage, but without anger or attachment. That is what we will do. We will put the facts on the right path. We will follow the right path.”

Vedanta’s offer for Jaiprakash Associate

Anil Agarwal’s statement came after the Bankruptcy Appellate Court on Tuesday rejected any interim stay on Vedanta Group’s plea against the NCLT-approved order. ₹14,535 crore bid by Adani Group in its bid to acquire Jaiprakash Associates Ltd (JAL).

The two-member bench of the National Company Law Appellate Tribunal (NCLAT) sought a response from the JAL CoC within a week and fixed April 10 as the next date of hearing.

In November last year, JAL CoC approved Adani Group’s resolution plan.

On March 17, the Allahabad bench of the NCLT approved Adani Enterprises Ltd’s proposal. ₹14,535 crore bid was made to acquire JAL through the bankruptcy process.

During the NCLAT hearings on Tuesday, the lawyer representing Vedanta claimed that it was declared the highest bidder by the JAL Committee of Creditors. Vedanta’s bid value was: ₹16,726 crore and Adani Enterprises’ offer ₹14,535 crore, according to the PTI report.

However, the CoC defended its decision, saying the process complied with all Insolvency and Bankruptcy Code (IBC) rules. They argued that no bidder is guaranteed the right to win, even if he bids the highest value.