Anil Agarwal, Chairman, Vedanta Group
| Photo Credit:
Bloomberg
Vedanta, recently, moved the NCLAT against the NCLT’s decision to hand over JP Associates to Adani Group.
In his first direct public comments on the matter, Agarwal in a post on ‘X’ said Vedanta participated in a transparent and competitive bidding process, where the company was formally communicated as the highest bidder. He indicated that subsequent changes to the outcome raise important questions around the sanctity and predictability of such processes.
“We have no attachment to this asset. If it comes, it is God’s grace. If it goes, that is also his wish,” said Agarwal. He further added, “When something is promised in dharma, it should not be taken back. Truth, commitment and fairness are above everything.”
“Some years ago, Jaiprakash Gaur, who built Jaypee Group, came to meet me in London. He had built an empire over his lifetime with hard work and vision. He reached out more than once. He wrote to me. His only wish was simple that what he had built should go into safe hands and be taken forward with the right intent. He even wrote me letters in Hindi, in his own words, expressing his trust. At that time, we could not proceed,” he said in the post.
The Chairman’s remarks emphasised a broader expectation that processes conducted under the IBC framework maintain consistency, transparency, and institutional credibility.
The development assumes significance given the scale of the JAL resolution and the participation of multiple major corporate groups. Vedanta’s comments highlight that predictability in such processes is critical for sustaining stakeholder confidence and reinforcing trust in India’s insolvency ecosystem.
Vedanta is expected to pursue appropriate avenues to present its position, while reiterating its commitment to due process, constructive engagement, and long-term value creation.
“So, what should one do? Gita gives a simple answer – do your duty, with courage, but without anger or attachment. That is what we will do. We will place the facts in the right way. We will follow the right path,” he said.
Published on March 29, 2026