The order was relieved to Vedanta Limited, which is in the process of unloading its businesses in a separate entity.
In the filing of the BSE, Vedanta said that interim investment was approved at the order passed by the NCLT’s Mumbai Bench on March 4, 2025 under the order of the NCLAT on May 27, 2025, “it is related to the rejection of the scheme, which is subject to fulfilling the conditions specified.”
Vedanta said he was committed to his strategic reorganization plan and continues to work towards all stakeholders unalwing the long -term value.
The two -member NCLAT bench said, “If the issues raised before we need to be considered at length and these schemes are currently scattered and thus investment order is not allowed, it may affect the second speed application filed in the context of the three other transfer companies remaining in different tribes.”
Living events
The matter is listed for the next hearing on the 4 August Gust.
Earlier, the NCLT’s Mumbai bench rejected the TSPL’s petition on the Dimer Bing scheme after the TSPL creditor Sepco was obtained.
The NCLT observed that “content facts have not been disclosed by the applicant company, the Company violates section 230 (2) (a) of the Act, 2013, which is bound to bias the public interest in our perceived opinion.”
The NCLT verdict objected to China -based SPCO Electric Power Construction Corporation against the Dimerger, and said that the power unit had to pay Rs. 1,251 crore outstanding debt is intentionally excluded.
Sepko alleged that the TSPL had hidden information about its responsibilities.
The NCLT said, “This has been done intentionally to defeat the rights of Sepco.”
According to a Vedanta spokesperson, NCLT judgment is related to TSPL application and power business undertakes only and cannot affect or change the progress of other professional undertaking.
Sapkon will get Rs. The extent of Rs 1,251 crore was listed as an insecure creditor, which would form more than 75 percent of the unprotected debt by value, and as a result, Sepco itself would have been against the vote, which is likely to be TSPL.
The tribunal said that declaring such a significant responsibility could prejudice the interests of creditors and shareholders, and the assessment of the TSPL carried out without factoring the Sepco claim was faulty and could affect the public interest.
The scheme, admitted under section 230 to 232 of the Companies Act, 2013, includes five different companies of Vedanta’s business verticals- Vedanta Aluminum Metal, Talwandi Sabo Power, Malco Energy, Vedanta Base Metals and Vedanta Iron and Steel.
It aimed to create independent, globally competitive companies, everyone focuses on its main business and attracts special investors and stakeholders.
The board of related companies approved the scheme between September and 2023.
Vedanta Limited, led by Anil Agarwal, is expected to complete the demerger of its businesses by the end of September this year. PTI
(Now you can subscribe to our Etmarkets WhatsApp channel)
