The Mumbai branch of the National Company Law Tribunal on Wednesday deferred the hearing for Vedanta Ltd.’s proposed demerger. The matter will now be heard on Oct. 8, according to sources.
This comes two days after an appellate tribunal set aside NCLT’s previous order rejecting the demerger plan presented by Talwandi Sabo Power Ltd.
Chinese construction and engineering firm Sepco Electric Power Construction Corp. (SEPCO) had challenged the scheme in a long-standing dispute over Vedanta’s power business. The two companies later settled the matter and SEPCO withdrew its arbitration claims in the National Company Law Appelate Tribunal. Thereafter, the NCLAT dismissed the NCLT’s rejection order. on Sept. 15.
Vedanta Group is currently undergoing proceedings to get the regulatory approvals to demerge into four listed entities. These are to focus on aluminium (Vedanta Aluminium Metal Ltd.), power (Talwandi Sabo Power), gas and oil (Malco Energy Ltd.) and base metals (Vedanta Iron and Steel Ltd.). These plans were first announced in September 2023.
