Delhi HC denies Vedanta 10-year extension for Cambay CB-OS/2 block
India
The Delhi High Court just ruled that Vedanta Ltd will not get a 10-year extension on its CB-OS/2 oil and gas block in Gujarat's Cambay Basin.
Instead, the court said the block should go to Oil and Natural Gas Corporation (ONGC).
The judge made it clear that Vedanta did not qualify under the government's 2017 policy for older blocks.
Court cites Vedanta ₹88cr, shares fall
Vedanta's request hit a wall because of alleged unpaid dues and policy violations, including adjusting ₹88 crore from the government's share without approval.
The court also pointed out that extensions are not automatic; companies have to meet all requirements.
After this decision, Vedanta's shares dropped to ₹262.10 as ONGC prepares to take over operations.