Vedanta shares fall 4%, because GOVT reportedly doubles against the Demergplan

The shares of Metal Major Vedanta fell by almost 4% on Wednesday to reach the low of the day of RS 471 after the regulation plans had received a setback. The government is said to doubled its objection and accused the proposed part -grade scheme of a tactic to obstruct the repair of its rights.

The objections were placed for the National Company Law Tribunal (NCLT), where the government claimed that the Gedempte Entity of Malco Energy will probably liquidate. The government has also marked financial risks that can arise after the demerger exercise, CNBC-TV18 reported today.

Continuing on its arguments of 20 August, the government claimed that Vedanta incorrectly presented its hydrocarbon activa. The government has increased “serious objections” due to alleged concealment and non-affluence of important details in the Rejig exercise.

According to a CNBC-TV18 report, the Ministry of Petroleum and Natural gas marked the ensure that the proposed demerging could jeopardize the ability of the government to restore contribution. The Ministry claimed cases of income inflation and sub -reports of obligations in the books of Vedanta.

In the meantime, the Securities and Exchange Board of India (Sebi) has also published a warning letter to Vedanta earlier after it has changed the more demerger scheme, despite the fact that he had obtained earlier approvals from fairs and the regulator – a movement that was called a serious infringement.

Last month, the company was confronted with a new setback where the Supreme Court broke a plea of ​​the Vedanta group that was looking for extra compensation for his Punjab-based Talwandi Sabo Power Project. The company had approached the APEX court that challenged the withdrawal of ‘deemed export’ benefits and sought a higher compensation.

The APEX confirmed the appellate tribunal for the ELECTRICITY (APELT) order and ruled that Talwandi Sabo was never entitled to such benefits, said a MINT report, adding that this actually closes the door to an extra financial lighting of the project.

The Mijnbouw Major had fallen an 11.7% on an annual basis (yoj) in his consolidated net profit in Q1 to RS 3.185 Crore. The turnover of the company from the activities, however, increased by 5.75% JoJ to RS 37,824 Crore, an increase of RS 35,764 Crore reported a year ago.

The net profit is comparable to RS 3,606 Crore posted in the same quarter of the previous financial year. The net profit is due to the owners of the company.

Successfully, the profit of the company that can be attributed to the owners fell by 8.5%, against RS 3,483 Crore reported in the previous quarter.

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