<p>The central government has raised serious objections to the proposed restructuring plan of billionaire Anil Agarwal-led Vedanta group, alleging concealment and non-disclosure of material information.</p><p>Objections were raised by officials during the hearing on Vedanta's demerger plan in the National Company Law Tribunal (NCLT). According to sources, officials flagged hidden liabilities and inflated revenues by Vedanta group firms.</p>.Vedanta gets demerger nod; 99.99% shareholders, 99.95% lenders support move.<p>However, Vedanta said the proposed demerger is a strategic step to “unlock long-term value by creating sector-focused, pure-play businesses with independent management teams.”</p><p>"Vedanta has filed a detailed response to the Centre’s representation. The Company has informed the Hon’ble National Company Law Tribunal that the Company will issue a corporate guarantee in favour of the Ministry of Petroleum and Natural Gas (MoPNG) once the Scheme becomes effective," Vedanta said in a statement.</p><p>It added that Malco Energy Limited is unable to meet or satisfy potential contractual liability, if any, towards MoPNG arising under the Production Sharing Contracts and Revenue Sharing Contracts (pertaining to the oil and gas blocks). Malco Energy Limited is a subsidiary of Vedanta.</p><p>Vedanta Limited share price fell 1.03 per cent to Rs 445.45. The stock dipped to a low of Rs 437.60 in the intra-day trade. </p>
<p>The central government has raised serious objections to the proposed restructuring plan of billionaire Anil Agarwal-led Vedanta group, alleging concealment and non-disclosure of material information.</p><p>Objections were raised by officials during the hearing on Vedanta's demerger plan in the National Company Law Tribunal (NCLT). According to sources, officials flagged hidden liabilities and inflated revenues by Vedanta group firms.</p>.Vedanta gets demerger nod; 99.99% shareholders, 99.95% lenders support move.<p>However, Vedanta said the proposed demerger is a strategic step to “unlock long-term value by creating sector-focused, pure-play businesses with independent management teams.”</p><p>"Vedanta has filed a detailed response to the Centre’s representation. The Company has informed the Hon’ble National Company Law Tribunal that the Company will issue a corporate guarantee in favour of the Ministry of Petroleum and Natural Gas (MoPNG) once the Scheme becomes effective," Vedanta said in a statement.</p><p>It added that Malco Energy Limited is unable to meet or satisfy potential contractual liability, if any, towards MoPNG arising under the Production Sharing Contracts and Revenue Sharing Contracts (pertaining to the oil and gas blocks). Malco Energy Limited is a subsidiary of Vedanta.</p><p>Vedanta Limited share price fell 1.03 per cent to Rs 445.45. The stock dipped to a low of Rs 437.60 in the intra-day trade. </p>