The National Company Law Tribunal (NCLT) has asked mining major Vedanta to respond to an application filed by market regulator Securities and Exchange Board of India (SEBI) by October 8.

On the same date, the company has also been directed to reply to the Ministry of Petroleum and Natural Gas (MoPNG), which in the previous hearing on September 17 alleged that Vedanta’s demerger scheme failed to disclose financial risks and misrepresented ownership of certain hydrocarbon assets.

SEBI Flags Regulatory Lapses

SEBI, in its submission to the tribunal last month, said it had found regulatory lapses, noting that Vedanta altered the scheme of arrangement after securing no-objection certificates from stock exchanges . While the regulator clarified that it did not oppose the restructuring

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