Mumbai, Sept. 17 -- The National Company Law Tribunal (NCLT) on Wednesday deferred the hearing on Vedanta's ambitious demerger proposal to October 8, as the Ministry of Petroleum and Natural Gas objected to the scheme, citing a lack of necessary disclosures.
The Mumbai bench of NCLT also directed Vedanta and the ministry to file written submissions in five days.
The counsel representing the Ministry of Petroleum and Natural Gas told the tribunal that they are asking about the details of the RJ block, and sought clarifications on disclosures.
The counsel further said the ministry also wants disclosures on the concealment of facts, which includes showing the exploration blocks as Vedanta's assets and details of the loan taken on the basis of those assets.
"As a regulator and a creditor, it is my duty to bring all these facts before the tribunal to show that whether the scheme is clear or it is opaque. We are asking for disclosures on the RJ-ON-90/1 Oil and Gas Block, an operating oil and gas block in Rajasthan. We are asking for clear disclosures," the counsel stated.
Responding to the ministry's assertions, Vedanta's counsel said the National Company Law Appellate Tribunal (NCLAT) has cleared Vedanta's plan to restructure its power and metal businesses on Tuesday, which includes Talwandi Sabo Power, after a settlement with EPC contractor Sepco cleared key procedural
hurdles.
TSPL, part of Vedanta, had filed a scheme of arrangement before NCLT as part of a wider demerger.
Further, Vedanta's counsel stated that the company has already complied with all the compliances required.
Meanwhile, Sepco Electric Power Construction Corporation has withdrawn its intervention application after it reached a settlement on
September 11.
Published by HT Digital Content Services with permission from Millennium Post.