Vedanta's 5-way split closer after NCLT nod

Order set to aid two-year effort to simplify and list Vedanta’s businesses

- Krishna Yadav & Dipali Banka

The petroleum ministry's objections regarding disclosure of Indian assets and reporting of liabilities were overruled by the tribunal.

The National Company Law Tribunal allowed Vedanta Ltd to go ahead with a proposed demerger of its India operations into five separate entities, marking a key milestone in billionaire Anil Agarwal’s two-year efforts to simplify and list the mining conglomerate’s businesses.

The ministry of petroleum and natural gas had opposed the restructuring plan, alleging misrepresentation of India's hydrocarbon assets and inadequate disclosure of liabilities.

The NCLT upheld Vedanta's demerger and granted sanction to the scheme, holding that it is fair and reasonable, does not violate any law, and is not contrary to public policy, as all statutory compliances have been met.