Vedanta shareholders, creditors to decide on demerger plan on February 18
The Hindu
Vedanta Ltd shareholders and creditors to meet for demerger decision, paving way for separate business entities.
Mining conglomerate Vedanta Ltd on Friday (January 17, 2025) said that its shareholders and creditors will meet next month to decide on the proposed demerger of the company.
The approval of the demerger proposal will pave the way for the company's various business verticals to become separate entities.
The Bombay Stock Exchange-listed mining firm had last month revised its demerger plan and decided to retain its base metal undertaking within the parent firm.
The meeting of equity shareholders, secured creditors and unsecured creditors of Vedanta Ltd is "scheduled to be held on Tuesday, February 18... in the matter of proposed scheme of arrangement between Vedanta Ltd and Vedanta Aluminium Metal Ltd and Talwandi Sabo Power Ltd and Malco Energy Ltd and Vedanta Base Metals Ltd and Vedanta Iron and Steel Ltd", the company said in a regulatory filing.
The meeting has been scheduled pursuant to the order dated November 21, 2024, of the National Company Law Tribunal (NCLT), Mumbai bench, it said.
The company 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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