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Nearly two weeks after Chhattisgarh power plant blast killed 25 people, Vedanta Chairman Anil Agarwal on Monday said the entire responsibility for the operations and maintenance (O&M) of the facility was entrusted with NGSL, a joint venture between power giant NTPC and GE. "What weighs heavily on my mind is this: at our Athena plant, we had put in place the highest standards of safety. The entire responsibility was entrusted to NGSL, a partnership between NTPC and GE, among the most respected and trusted institutions in India. The contractors, the teams, the technical expertise, all were theirs. "It was on the strength of this trust that we had confidently outsourced the plant's operations and maintenance. And yet, this unfortunate tragedy occurred," Agarwal said in a social media post. Drawing an analogy, he compared it to vehicle owners handing over their cars to trusted drivers, expecting them to follow rules and stay safe. "It is a lot like a vehicle owner placing his trust in
The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its order on Vedanta's two petitions against the selection of Adani Enterprises' bid to acquire debt-ridden Jaiprakash Associates Ltd (JAL) through an insolvency process. A two-member NCLAT bench comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra concluded its hearing following arguments from Vedanta and respondents, including the Resolution Professional, Committee of Creditors (CoC) and Adani Enterprises. It asked both parties to submit written submissions within the next two days. Vedanta's counsel questioned the evaluation metrics adopted by JAL lenders, who selected the bid from Adani Enterprises offering Rs 14,535 crore and rejected Vedanta's higher bid of Rs 17,926 crore. On March 24, NCLAT declined any interim stay over the Vedanta Group's plea against the order passed by the NCLT on March 17, approving Adani Group's bid. However, it had said that the plan would be subject to the .
The resolution professional of debt-ridden Jaiprakash Associates Ltd (JAL) told the National Company Law Appellate Tribunal (NCLAT) that there has been no formal declaration identifying Vedanta as the highest bidder in the insolvency process, according to court submissions. Senior Advocate Abhishek Manu Singhvi, appearing for the Resolution Professional (RP) said an e-mail dated September 5 circulated to all bidders only conveyed the highest financial value discovered during the challenge process, and did not constitute an official declaration of a successful bidder. He alleged that Vedanta's claim of being the highest bidder amounted to "suppression of material facts," arguing that its petition lacked a legal and factual basis. Singhvi further told the tribunal that the case presented by the mining group was "completely without foundational facts." "It is a perfectly simple, valid e-mail pointing out what will happen in future. When you do this, then we will evaluate. It's very ...