Vedanta Oil and Gas Limited
Litigation Details
The Company has received demand letters from the Directorate General of Hydrocarbons (DGH), Government of India regarding 4 blocks awarded under the OALP (Open Acreage Licensing Policy) rounds of bidding. The DGH is not granting further extension for these blocks and is seeking payment of liquidated damages along with applicable interest.
Quantum of Claim
The aggregate amount claimed by DGH is approximately USD 35 million plus interest.
Company's Response and Expected Financial Implications
The Company believes it has valid grounds in the matter and is pursuing appropriate legal and other remedies available. The Company has requested DGH to refer the matter to the Committee for External Eminent Experts (CEEE) for resolution through conciliation/mediation.
The financial impact, if any, arising from this matter will be assessed and accounted for as may be required based on the outcome of the proceedings and in accordance with applicable accounting standards. The disclosure does not quantify any specific financial impact at this stage.