Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power,...
Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.
Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power, and steel busineeses into separate listed entities.
A bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati took on record SEBI's September 2 affidavit, confirming that while it had issued an administrative warning on August 13, the regulator has now granted a non-objection to the revised plan.
SEBI in its warning letter had pulled up the company for making modifications in its demerger scheme without obtaining the regulator's nod.
However, further hearing in the demerger matter did not take place as the bench has been reconstituted since the last hearing. The new bench will hear the case afresh on November 12. On that date, the Tribunal will take up objections from the Ministry of Petroleum and Natural Gas.
The Ministry has questioned Vedanta's handling of oil and gas assets, saying the company has not fully disclosed third-party interests, liabilities, and government dues under production-sharing contracts. It also wants clarity on how Vedanta will meet its contractual obligations after the restructuring.
Case Title : Securities Exchange Board of India VS Vedanta Limited
Case Number: IVN.P/13/2025 in C.A.(CAA)/171(MB)2024