The Congress on Saturday urged the Securities and Exchange Board of India (SEBI) to stall the pro posed listing of Vedanta Iron & Steel Limited (VISL), alleging that Goa stands to lose nearly Rs 16,500 crore in disput ed iron ore mining dues if the demerged company is allowed to go public. Addressing a press conference in Panjim, Goa Pradesh Congress Com mittee (GPCC) president claimed that iron ore worth about Rs 16,500 crore was illegally extracted and exported from Goa and that the amount right fully belongs to the people of the State. Calling the amount “equivalent to nearly half of Goa’s annual budget”, he said its recovery could significant ly strengthen the state’s finances and fund welfare schemes and subsidies for Goans.
The Congress alleged that Vedanta’s ongoing demerger into separate enti ties was a calculated move to split as sets and liabilities. The move potentially making it harder for authori ties to recover the disputed dues. According to the party, Vedanta no longer direct ly holds the mining assets, which have now been transferred to VISL. Once the company is listed on the stock exchanges, he warned, the recovery of the alleged dues could become increasingly complicated as liabilities may be spread across multiple demerged entities. The GPCC president further alleged that Vedanta had failed to disclose the Rs 16,500-crore liability in its demerger and listing documents, in violation of SEBI’s Listing Obligations and Disclosure Require ments (LODR) Regulations, 2015. Citing Regulation 30 of the LODR Regulations, he said listed entities are required to disclose all materi al information and significant legal proceedings, and contended that the long-running Supreme Court liti gation relating to Goa’s mining sector and the disput ed liability had not been adequately disclosed.
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He also claimed that SEBI’s framework governing schemes of arrangement mandates specific disclo sure of contingent liabilities and disputed amounts, alleging that the Rs 16,500-crore claim was omitted from the demerger disclosures. Raising concerns over investor protection, he said prospective shareholders may be unaware of the al leged liability and the legal risks associated with the company. The Congress also targeted Chief Minister Pramod Sawant, questioning his silence on what it described as a massive revenue loss to the State. Noting that Sawant holds both the finance and mining portfolios, the GPCC president asked why no action had been in itiated to safeguard Goa’s interests. “The people of Goa deserve an explanation. If the listing proceeds without intervention, recovering this money could become increasingly difficult,” he said. The GPCC president said that if regulatory authori ties fail to act, the party would consider approaching enforcement agencies and other competent authori ties for further action.
