Thursday, August 27
Shares of Vedanta jumped over 4% to hit its 52-week high of Rs 571.35 on the NSE on Tuesday after the National Company Law Tribunal (NCLT) approved the metal major's demerger plan.The demerger will lead to the creation of five separate entities - aluminium, oil & gas, ferrous, power and steel.A Vedanta spokesperson said that the company welcomes the tribunal's sanctioning order for the demerger scheme. "The approval marks a key milestone in Vedanta’s transformation into focused, sector-leading companies with clear strategic mandates and dedicated capital structures. The Company will now proceed with the necessary steps to implement the scheme," the spokesperson added.The development is seen as a major relief for the company after the government earlier objected to the proposed demerg
The Supreme Court of India on Tuesday granted bail to Kapil Wadhawan, former chairman and managing director of Dewan Housing Finance Limited (DHFL), and his brother Dheeraj Wadhawan, former director of the company, in the ₹34,000-crore bank fraud case.A Bench comprising Justices J K Maheshwari and Vijay Bishnoi observed that given the large number of witnesses and the pace of proceedings, even a day-to-day trial was unlikely to conclude within the next two to three years. Without expressing any opinion on the merits of the case, the court said continued incarceration was not justified at this stage.The apex court ordered the release of the Wadhawan brothers on bail subject to stringent conditions. Each has been directed to furnish a personal bond of ₹10 lakh with two sureties of the sa
