Vedanta’s long-awaited demerger has hit another delay as the National Company Law Tribunal (NCLT) has postponed the approval hearing to October 29, 2025, as per the news reports. This shift arrives amid continued scrutiny from the Ministry of Petroleum and Natural Gas (MoPnG) and recent changes to the original restructuring plan.
Originally expected to progress in August, the hearing was postponed several times. Most recently, on October 8, 2025, the Mumbai bench of NCLT deferred the hearing to October 29, 2025.
As per PTI, the delay stems from the petroleum ministry’s pending queries and requests for additional disclosure, particularly about exploration assets in the Rajasthan (RJ) block and alleged concealment of liabilities.
The Ministry of Petroleum raised significant concerns regarding the ownership of oil and gas blocks, requesting clarity on disclosures and associated debts. The ministry noted instances where assets were recorded under the company’s name and used to raise loans, despite disputed ownership.
Vedanta initially announced a demerger into 6 entities, including Aluminium, Oil & Gas, Power, Steel & Ferrous, Base Metals, and Vedanta Ltd. However, the revised plan now excludes the base metals carve-out, instead retaining that segment within the parent entity. This change helped in aligning with SEBI’s requirements and moving beyond certain regulatory hurdles.
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Vedanta achieved a key milestone after NCLAT supported its restructuring, following a resolution with EPC contractor Sepco over a ₹1,251 crore liability linked to Talwandi Sabo Power Ltd (TSPL). Sepco withdrew its opposition on September 11, clearing another hurdle in the demerger path.
The ongoing scheme submitted to NCLT covers Vedanta Aluminium Metal, TSPL, Malco Energy, and Vedanta Iron and Steel, including their shareholders and creditors. With SEBI not raising fresh objections and intervention applications withdrawn, the focus now turns to addressing the ministry's last set of concerns before final approval.
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The Vedanta demerger is nearing a crucial juncture as it waits for ministry clearance and final NCLT approval. With a new hearing set for October 29, 2025, shareholders and stakeholders anticipate further clarity on the reorganisation intended to streamline operations and enhance value.
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Published on: Oct 9, 2025, 1:06 PM IST
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