Vedanta demerger: NCLT clears way for meetings of shareholders, creditors

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Vedanta demerger: NCLT clears way for meetings of shareholders, creditors - Business Standard

Quick Summary:

"A meeting of the equity shareholders...be convened and held within 90 days from the date of receipt of the order," said a two-member bench of the National Company Law Tribunal (NCLT) comprising Technical Member Madhu Sinha and Judicial Member Reeta Kohli in its order dated November 21.

Mining major Vedanta Ltd on Friday said the Mumbai bench of the NCLT has asked the company to call for a meeting of its secured and unsecured creditors and shareholders in the next 90 days to discuss the proposed demerger.

Vedanta Chairman Anil Agarwal had earlier said the proposed demerger of the company's diverse verticals that represent more than 15 commodities will see it progress from being asset managers to asset owners.