Cyril Amarchand Mangaldas Advised SEPCO Electric Power Construction Corporation
Cyril Amarchand Mangaldas advised SEPCO Electric Power Construction Corporation. 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.