The Mumbai branch of the National Company Law Tribunal deferred on Wednesday the hearing for Vedanta Ltd.'s proposed demerger. The matter will now be heard on October 8.
Vedanta Resources CEO Deshnee Naidoo had exuded optimism that the demerger of its Indian arm Vedanta will be completed in the current financial year and stressed that her focus at present is on the restructuring of the company.
Vedanta Demerger: Timeline
Here is a timeline for Vedanta demerger:
September 2023: Vedanta announces its plan to demerge its business into six independent companies.
December 2024: Vedanta revises its demerger plan, opting to retain the base metal business under the parent company.
February 18, 2025: Plan receives support from shareholders with over 99.5% voting in favour.
March 2025: The NCLT rejects the demerger scheme filed by Talwandi Sabo Power Ltd (TSPL), a part of Vedanta's power business, citing non-disclosure of a Rs 1,251-crore debt obligation to SEPCO.
May 27, 2025: The NCLAT grants an interim stay on the NCLT order rejecting the demerger of TSPL.
May 29, 2025: The NCLAT stays the NCLT order rejecting the demerger of TSPL and posts the case for a further hearing on August 4, 2025.
August 4, 2025: NCLT defers case to August 20.
August 20, 2025: The NCLT defers hearing to September 17.
September 17, 2025: Hearing deferred to October 8.
The National Company Law Appellate Tribunal has cleared the way for Talwandi Sabo Power Ltd's demerger from its parent company Vedanta Ltd, setting aside a lower court's order that put the proposed demerger on hold.
The order came after the counsel for Talwandi Sabo informed the NCLAT that it reached a settlement with China's Sepco Electric Power Construction Corp (Sepco) on September 11. Sepco is one of the creditors of TSPL that objected to the demerger for alleged non-payment of dues worth Rs 1,251 crore.
The mining firm had earlier revised its demerger plan and decided to retain its base metal undertaking within the parent firm. Vedanta had earlier said post-demerger its existing businesses will be structured in six independent companies — Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. However, later it revised the plan.
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