Rush Hour: Vedanta challenges Adani’s Jaypee asset takeover, stock market slide continues and more
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Mining company Vedanta moved the Supreme Court seeking a stay on the proposed takeover of the now-insolvent Jaypee Group’s assets by billionaire Gautam Adani’s Adani Group. The Anil Agarwal-led company has argued that its offer for Jaiprakash Associates Limited was higher, and questioned the fairness and transparency of the bidding process.
The plea was filed days after the National Company Law Appellate Tribunal declined to grant an interim stay on the National Company Law Tribunal’s approval of the resolution plan submitted by Adani Enterprises. The Committee of Creditors had approved the Adani bid, which was subsequently cleared by the National Company Law Tribunal.
Vedanta chairperson Agrawal claimed that his company was declared the highest bidder during the insolvency proceedings and was informed in writing that it had won, before the outcome was later changed. Read on.
The stock market continued to slide amid concerns surrounding the conflict in West Asia and surging energy prices. The benchmark Sensex fell more than 1,600 points, or 2.2%, while the Nifty dropped over 480 points, or 2.1%, at the close.
The value of the Indian...