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Time of India
2 hours ago
- Business
- Time of India
NCLAT stays order against Vedanta's power business demerger
New Delhi: Appellate tribunal NCLAT has granted an interim stay on an order of the National Company Law Tribunal ( NCLT ) rejecting demerger of Vedanta 's power business and its merger with resultant entity Talwandi Sabo Power Ltd (TSPL). The order came as a relief to Vedanta Ltd which is in the process of demerging its businesses into separate entities. In a filing to BSE, Vedanta said the NCLAT order dated May 27, 2025 granted an interim stay on the order passed by the NCLT's Mumbai bench dated March 4, 2025 "to the extent it relates to the rejection of the scheme", subject to fulfilling the conditions mentioned in the order. Vedanta said that it remains committed to its strategic reorganisation plan and continues to work towards unlocking long-term value for all stakeholders. A two-member NCLAT bench said "the issues raised before us need to be considered at length and presently in view of the submissions made the scheme is severable and thus in case the stay is not granted to the impugned order, it may affect the second motion application filed in respect of other three transferor companies pending in different tribunals". The matter has been listed for the next hearing on August 4. Earlier, the Mumbai bench of NCLT had dismissed the petition of TSPL on the demerger scheme after objections were raised by SEPCO, a creditor of TSPL. The NCLT had observed "material facts have not been disclosed by the applicant company, violating Section 230 (2)(a) of the Companies Act, 2013, which in our considered opinion is bound to prejudice the public interest at large". The NCLT's ruling came after China-based SEPCO Electric Power Construction Corporation objected to the demerger, saying the power unit had deliberately excluded their outstanding debt of ₹1,251 crore from the list of creditors. SEPCO alleged that TSPL had concealed the information about its liabilities. "This has been done deliberately to defeat SEPCO's rights," the NCLT had said. According to a Vedanta spokesperson, the NCLT ruling pertained only to the TSPL application and the power business undertaking and does not impact or alter the progress of the other business undertakings proposed to be demerged. SEPCO was listed as an unsecured creditor to the extent of ₹1,251 crore, which would constitute more than 75 per cent of the unsecured debt by value, and as a result of the same, the vote by SEPCO itself would have been against the scheme, potentially impacting the interest of TSPL. The tribunal had said that the non-disclosure of such a significant liability could prejudice the interests of creditors and shareholders, and the valuation of TSPL conducted without factoring in SEPCO's claim was flawed and could impact public interest. The scheme, filed under Sections 230 to 232 of the Companies Act, 2013, involved the demerger of Vedanta's business verticals into five separate entities-- Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, Vedanta Base Metals and Vedanta Iron and Steel. It was aimed to create independent, globally competitive companies, each focusing on its core business and attracting specialised investors and stakeholders. The boards of the respective companies had approved the scheme between September and October 2023. Anil Agarwal-led Vedanta Ltd is expecting to complete the demerger of its businesses by September-end this year. PTI
Economic Times
3 hours ago
- Business
- Economic Times
NCLAT stays order against Vedanta's power business demerger
Vedanta Ltd received an interim stay from NCLAT on NCLT's order rejecting the demerger of its power business and merger with TSPL. The stay is conditional and allows Vedanta to proceed with its strategic reorganization. NCLAT cited the need to consider the issues at length and the potential impact on other pending demerger applications. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi, Appellate tribunal NCLAT has granted an interim stay on an order of the National Company Law Tribunal ( NCLT ) rejecting demerger of Vedanta 's power business and its merger with resultant entity Talwandi Sabo Power Ltd (TSPL).The order came as a relief to Vedanta Ltd which is in the process of demerging its businesses into separate a filing to BSE, Vedanta said the NCLAT order dated May 27, 2025 granted an interim stay on the order passed by the NCLT's Mumbai bench dated March 4, 2025 "to the extent it relates to the rejection of the scheme", subject to fulfilling the conditions mentioned in the said that it remains committed to its strategic reorganisation plan and continues to work towards unlocking long-term value for all stakeholders.A two-member NCLAT bench said "the issues raised before us need to be considered at length and presently in view of the submissions made the scheme is severable and thus in case the stay is not granted to the impugned order, it may affect the second motion application filed in respect of other three transferor companies pending in different tribunals".The matter has been listed for the next hearing on August the Mumbai bench of NCLT had dismissed the petition of TSPL on the demerger scheme after objections were raised by SEPCO, a creditor of NCLT had observed "material facts have not been disclosed by the applicant company, violating Section 230 (2)(a) of the Companies Act, 2013, which in our considered opinion is bound to prejudice the public interest at large".The NCLT's ruling came after China-based SEPCO Electric Power Construction Corporation objected to the demerger, saying the power unit had deliberately excluded their outstanding debt of Rs 1,251 crore from the list of alleged that TSPL had concealed the information about its liabilities."This has been done deliberately to defeat SEPCO's rights," the NCLT had to a Vedanta spokesperson, the NCLT ruling pertained only to the TSPL application and the power business undertaking and does not impact or alter the progress of the other business undertakings proposed to be was listed as an unsecured creditor to the extent of Rs 1,251 crore, which would constitute more than 75 per cent of the unsecured debt by value, and as a result of the same, the vote by SEPCO itself would have been against the scheme, potentially impacting the interest of tribunal had said that the non-disclosure of such a significant liability could prejudice the interests of creditors and shareholders, and the valuation of TSPL conducted without factoring in SEPCO's claim was flawed and could impact public scheme, filed under Sections 230 to 232 of the Companies Act, 2013, involved the demerger of Vedanta's business verticals into five separate entities-- Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, Vedanta Base Metals and Vedanta Iron and was aimed to create independent, globally competitive companies, each focusing on its core business and attracting specialised investors and boards of the respective companies had approved the scheme between September and October Agarwal-led Vedanta Ltd is expecting to complete the demerger of its businesses by September-end this year. PTI
Time of India
3 hours ago
- Business
- Time of India
NCLAT stays order against Vedanta's power business demerger
New Delhi, Appellate tribunal NCLAT has granted an interim stay on an order of the National Company Law Tribunal ( NCLT ) rejecting demerger of Vedanta 's power business and its merger with resultant entity Talwandi Sabo Power Ltd (TSPL). The order came as a relief to Vedanta Ltd which is in the process of demerging its businesses into separate entities. In a filing to BSE, Vedanta said the NCLAT order dated May 27, 2025 granted an interim stay on the order passed by the NCLT's Mumbai bench dated March 4, 2025 "to the extent it relates to the rejection of the scheme", subject to fulfilling the conditions mentioned in the order. Vedanta said that it remains committed to its strategic reorganisation plan and continues to work towards unlocking long-term value for all stakeholders. A two-member NCLAT bench said "the issues raised before us need to be considered at length and presently in view of the submissions made the scheme is severable and thus in case the stay is not granted to the impugned order, it may affect the second motion application filed in respect of other three transferor companies pending in different tribunals". Live Events The matter has been listed for the next hearing on August 4. Earlier, the Mumbai bench of NCLT had dismissed the petition of TSPL on the demerger scheme after objections were raised by SEPCO, a creditor of TSPL. The NCLT had observed "material facts have not been disclosed by the applicant company, violating Section 230 (2)(a) of the Companies Act, 2013, which in our considered opinion is bound to prejudice the public interest at large". The NCLT's ruling came after China-based SEPCO Electric Power Construction Corporation objected to the demerger, saying the power unit had deliberately excluded their outstanding debt of Rs 1,251 crore from the list of creditors. SEPCO alleged that TSPL had concealed the information about its liabilities. "This has been done deliberately to defeat SEPCO's rights," the NCLT had said. According to a Vedanta spokesperson, the NCLT ruling pertained only to the TSPL application and the power business undertaking and does not impact or alter the progress of the other business undertakings proposed to be demerged. SEPCO was listed as an unsecured creditor to the extent of Rs 1,251 crore, which would constitute more than 75 per cent of the unsecured debt by value, and as a result of the same, the vote by SEPCO itself would have been against the scheme, potentially impacting the interest of TSPL. The tribunal had said that the non-disclosure of such a significant liability could prejudice the interests of creditors and shareholders, and the valuation of TSPL conducted without factoring in SEPCO's claim was flawed and could impact public interest. The scheme, filed under Sections 230 to 232 of the Companies Act, 2013, involved the demerger of Vedanta's business verticals into five separate entities-- Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, Vedanta Base Metals and Vedanta Iron and Steel. It was aimed to create independent, globally competitive companies, each focusing on its core business and attracting specialised investors and stakeholders. The boards of the respective companies had approved the scheme between September and October 2023. Anil Agarwal-led Vedanta Ltd is expecting to complete the demerger of its businesses by September-end this year. PTI
Yahoo
5 hours ago
- Business
- Yahoo
Qudian: Q1 Earnings Snapshot
XIAMEN, China (AP) — XIAMEN, China (AP) — Qudian Inc. (QD) on Friday reported net income of $20.7 million in its first quarter. On a per-share basis, the Xiamen, China-based company said it had net income of 12 cents. The online micro-lending company posted revenue of $3.6 million in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on QD at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
5 hours ago
- Automotive
- Business Insider
Uber Stock Is Still a ‘Top Pick,' Says BMO Capital Despite Tesla (TSLA) Robotaxi Jitters
Shares of ride-hailing and delivery giant Uber (UBER) fell roughly 5% in yesterday's trading. The decline follows news of Tesla's (TSLA) upcoming Robotaxi launch in Austin on June 12. Still, BMO Capital Top analyst Brian Pitz remains confident in Uber's long-term strategy and growth prospects. The five-star analyst sees the recent dip as a buying opportunity and reiterated his Outperform rating and $101 price target, calling Uber a 'Top Pick' in the sector. Confident Investing Starts Here: Uber's AV Plans and Valuation Signal Upside According to the analyst, the market has overreacted to Tesla's planned Robotaxi launch on June 12. Although the news drew headlines, Pitz notes that Tesla's rollout—limited to just 10–20 vehicles—is small when stacked against Uber's much larger plans. For instance, Uber's deal with Waymo, owned by Alphabet (GOOGL), will bring hundreds of autonomous cars to its app in the coming months. Uber also has active deals with May Mobility and China-based WeRide, which are set to roll out AVs (autonomous vehicle) in dozens of U.S. cities. BMO applauds Uber's move to ' drive international scale ' through its recent acquisition of Dantaxi, Denmark's largest taxi firm. The deal brings 3,500 drivers onto Uber's platform, and starting this summer, riders in Denmark will be able to book trips through the app. The firm expects this to 'increase adoption' by improving match rates and estimated time of arrivals (ETAs), while opening up more ways to use it at airports, during leisure activities, and for daily commutes. On the self-driving front, Pitz sees Uber as an AV winner. The company now works with more than 15 AV partners and plans to launch shared AV rides by 2026. These steps are already boosting usage in cities like Austin, where Uber sees steady demand. Importantly, BMO finds Uber's valuation compelling. With shares trading at 19x next-twelve-month (NTM) EBITDA, the stock is below its two-year forward average of 21x and significantly under the high end of 27x. That suggests meaningful upside potential if Uber continues to execute across global and autonomous growth areas. What Is the Prediction for UBER Stock? Overall, Wall Street is bullish on Uber Technologies' prospects, with a Strong Buy consensus rating based on 29 Buys and four Holds. The average UBER stock price target of $98.61 implies about 16.98% upside potential.
