SEBI Clears Vedanta Demerger Plan, NCLT to Hear Objections on Nov 12

Vedanta Limited informed the National Company Law Tribunal that the Securities and Exchange Board of India had granted clearance to its revised demerger plan after the company addressed earlier warnings concerning disclosure and compliance irregularities.

The Tribunal Bench comprising Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati recorded SEBI’s non-objection to the proposal.

 However, the proceedings faced further delay due to the reconstitution of the Bench hearing the matter.

The case was directed to be taken up afresh on November 12, when the Tribunal will also consider objections raised by the Ministry of Petroleum and Natural Gas regarding Vedanta’s alleged non-disclosure of third-party liabilities and government dues.