Oil ministry queries Vedanta on demerger plan, flags financial risk at NCLT

Vedanta Ltd’s proposed demerger has come under fresh scrutiny, with the ministry of petroleum and natural gas (MoPNG) raising objections before the National Company Law Tribunal (NCLT). At a hearing on Wednesday, the ministry alleged Vedanta had painted a misleading “rosy picture” of the proposed demerger, and had not fully disclosed regulatory and financial risks. The Anil Agarwal-led company denied the allegations.

Shares of Vedanta fell nearly 4% following the news and ended the session over 1% lower.