Vedanta to miss deadline for shareholders' nod

London-listed Vedanta Resources is set to miss the October 30 deadline for seeking shareholders’ nod for its $9.6-billion buyout of Cairn India, apparently due to regulatory hurdles.

The deal is conditional upon Cairn Energy Plc (which is selling a majority stake in its Indian arm) and Vedanta Resources securing shareholders’ approval on or before October 30. Furthermore, Vedanta Group has to complete an Indian open offer to minority shareholders of Cairn India.

A company spokesperson did not immediately respond to queries seeking comment on the issue.