The matter arises out of a scheme of arrangement (demerger) between Vedanta Limited, and other resulting companies including Talwandi Sabo Power Limited (“TSPL”). SEPCO being creditor of TSPL opposed the scheme of demerger on the ground that SEPCO is a creditor of TSPL to the tune of INR 1251 crores, however, this fact was not disclosed before the NCLT in an attempt to mislead the NCLT into sanctioning the scheme without SEPCO’s consent. Cyril Amarchand Mangaldas, on behalf of SEPCO filed its objections to the scheme before the NCLT stating that non-disclosure of material information warrants dismissal of the scheme at first motion stage.
The transaction team was led by Kapil Arora, Partner; and Shikha Tandon, Partner; with support from Pravar Misra, Senior Associate; Zaid Drabu, Senior Associate.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm has been consistently named “Best Overall Law Firm” by the IBLJ Indian Law Firm Awards. The firm is also ranked as “Highly Recommended “at the GCR 100 (Global Competitive Review)2025 Awards. It received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive year in 2023 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm also won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
Picture Source :
