New Delhi, May 21 (IANS) Vedanta Limited on Thursday informed stock exchanges that the Supreme Court of India has ruled against its subsidiary Talwandi Sabo Power Limited (TSPL) in a case related to alleged misdeclaration of power availability, resulting in a penalty payout of nearly Rs 127 crore along with applicable late payment surcharge.
In a regulatory filing, Vedanta said it had received a disclosure from TSPL regarding a judgment dated May 20, passed by the apex court in appeals filed by Punjab State Power Corporation Limited (PSPCL) and Punjab State Load Despatch Centre (PSLDC).
According to the filing, the Supreme Court set aside the March 18, 2025 judgment passed by the Appellate Tribunal for Electricity (APTEL), restored the earlier order of the Punjab State Electricity Regulatory Commission (PSERC), and allowed the appeals filed by PSPCL.
The company stated that the court upheld the penalty imposed on TSPL for alleged misdeclaration of power availability for January 2017 under the provisions of the Grid Code, along with the applicable late payment surcharge.
Vedanta said an amount of approximately Rs 127 crore, in addition to the applicable surcharge, is payable to PSPCL following the judgment.
“The Supreme Court of India passed in Civil Appeal filed by PSPCL and PSLDC, has set aside the judgment dated 18.03.2025 passed by the Appellate Tribunal for Electricity (APTEL), restored the order passed by the Punjab State Electricity Regulatory Commission (PSERC), and allowed the appeals preferred by PSPCL,” it said.
“By the said order, the Supreme Court has upheld the alleged penalty on TSPL for misdeclaration of availability for January 2017 in terms of the Grid Code, along with the applicable Late Payment Surcharge,” it added.
The company also noted that TSPL’s equity shares are currently in the process of being listed on the BSE and NSE after the demerger of the merchant power undertaking from Vedanta Limited.
The disclosure to stock exchanges was signed by Prerna Halwasiya, Company Secretary and Compliance Officer of Vedanta Limited, while the communication from TSPL was signed by Bhagya Hasija, Company Secretary and Compliance Officer of Talwandi Sabo Power Limited.
–IANS
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