Vedanta clarifies on the NCLT order, demerger delays – Here’s what it said

Metals and mining major Vedanta Ltd. will continue its submissions in the next hearing before the National Company Law Tribunal (NCLT). The Tribunal has scheduled the next date of hearing for September 17, 2025, after consulting with all parties involved.On August 20, during the latest NCLT hearing, Vedanta’s legal counsel was unable to complete his arguments. The NCLT said that the matter could not be concluded in a single sitting, and therefore, the hearing was adjourned. Vedanta’s counsel will resume submissions on the next date, the company told CNBC-TV18.

The company reaffirmed that reports of the demerger being stalled are inaccurate. It emphasised its continued commitment to delivering long-term value to shareholders and stakeholders.

SEBI on Vedanta demergerThe Securities and Exchange Board of India (SEBI) has not opposed Vedanta’s demerger. In fact, SEBI submitted an affidavit dated July 16, 2025, confirming it has no further comments on the merits of the Scheme and has left the decision to the Tribunal.

However, SEBI did issue an administrative warning letter regarding a procedural lapse. This pertains to the withdrawal of Part V of the Scheme without obtaining prior written approval. The letter is cautionary and does not impose any financial or operational restrictions.

Vedanta has already disclosed this issue publicly and is fully cooperating with SEBI. Corrective actions have been taken, and the Board’s comments will be communicated to SEBI as advised.

The company also clarified that the procedural matter has no material impact on its financials, operations, or the overall progress of the modified Scheme. Additionally, Vedanta has received a No Objection Certificate (NOC) from the Stock Exchange on the revised Scheme.

The Ministry of Petroleum and Natural Gas (MoPnG) has submitted its representation before the NCLT, and Vedanta has filed its response accordingly.The ministry has requested that the Supreme Court first hear the Talwandi Sabo Power Limited (TSPL) matter on September 4, before the NCLT continues deliberations on the demerger. Vedanta maintains that this request does not imply any stall in the demerger process.

SC ruling in Talwandi Sabo Power case

Vedanta also clarified that the Supreme Court judgment dated August 19, in the TSPL matter, is unrelated to the demerger.

The ruling pertains to a legacy contractual dispute regarding the passing on of customs duty benefits availed under the Mega Power Policy to Punjab State Power Corporation Limited (PSPCL), under the “change in law” clause of the Power Purchase Agreement.

Vedanta said it is currently reviewing the judgment and evaluating legal options available as next steps.

The company has informed NCLT that it will issue a corporate guarantee in favour of the MoPNG once the scheme becomes effective.

“This is in the event Malco Energy Limited (MEL) is unable to meet or satisfy potential contractual liability, if any, towards MoPNG arising under the Production Sharing Contracts and Revenue Sharing Contracts (pertaining to the oil and gas blocks),” Vedanta said.

Shares of Vedanta Ltd. are trading 1.09% lower on Thursday at ₹445.30.