Vedanta gets SEBI deterrent for information about 'unlisted ultimate holding' entity

Warning for mining major: Mining conglomerate Vedanta has received an administrative warning from the Securities and Exchange Board of India (SEBI) for "publishing information related to its unlisted ultimate holding company," the company stated on March 7.

The New Delhi-headquartered major received a letter from NSE on March 6, 2023, along with a letter dated February 29, 2024 which was issued to the company  by the Securities and Exchange Board of India (SEBI),as per a regulatory filing.

Vedanta has been ordered to present the letter in context to its board, taking the important steps for course correction in order to robust the internal control for corporate announcements and press releases, SEBI said without providing any further context or information to the matter.

In terms of alleged violations the company committed, Vedanta did not divulge any further information.

On the details of the violations alleged to be committed, the company said the letter is "in respect of its publishing information related to its unlisted ultimate holding company".

Vedanta said it is pertinent here to reiterate that the use of company’s letterhead in the press release was inadvertent and was immediately replaced and that there was no misrepresentation by the company. 

Vedanta further noted it had provided various clarifications with respect to the above and had taken various steps to rectify the situation and to avoid such instances in future. 

The company is a diversified natural resources company with interests in oil and gas, aluminium, copper, zinc, lead, silver, iron ore and steel.

The natural resources and technology conglomerate operates across India, South Africa, Liberia and Namibia.

(With PTI Inputs)