Mumbai, Dec 16 (PTI) The National Company Law Tribunal (NCLT) on Tuesday approved the Vedanta demerger plan, paving the way for the splitting of the metals-to-oil conglomerate sector-specific entities across aluminium, oil and gas, power, and iron and steel.
“The sanction to the company scheme is granted,” the Mumbai bench of the tribunal, comprising Charanjeet Singh Gulati and Nilesh Sharma said.
NCLT had reserved the order after hearing the matter on November 12.
The Ministry of Petroleum and Natural Gas (MoPnG) had cited concerns over the potential financial risks post-demerger of Vedanta and alleged misrepresentation of hydrocarbon assets and insufficient disclosure of liabilities by the metal and mining conglomerate.
The ministry had told NCLT that it also wanted disclosures on the concealment of facts that include showing the exploration blocks as Vedanta’s assets and details of the loan taken on the basis of those assets, among others.
In response, Vedanta had stated that it had already complied with all the required norms. PTI SM MR
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