Panaji, June 14 : Goa Pradesh Congress Committee (GPCC) President Girish Chodankar has submitted an urgent complaint to the Securities and Exchange Board of India (SEBI) seeking immediate intervention to stop the proposed listing of Vedanta Iron & Steel Limited (VISL), scheduled for June 15, 2026. Chodankar has alleged that Vedanta Limited failed to disclose a contingent liability of approximately ₹16,500 crore allegedly owed to the people of Goa in connection with its iron ore mining operations.

In a detailed representation addressed to the SEBI Chairperson, Chodankar claimed that the newly incorporated VISL, created through the demerger of Vedanta’s iron ore business, including the Goa mining assets and Amona pig iron plant, is being listed without adequately disclosing a substantial unresolved public liability linked to Goa’s iron ore exports.

According to the complaint, Vedanta, formerly operating as Sesa Goa Limited, held mining leases in Goa under conditions that required extracted ore to be used primarily for captive industrial purposes. Chodankar has alleged that around 31 per cent of the ore produced from Goa mines was commercially exported beyond captive requirements, generating profits that rightfully belong to the public. He has estimated the value of this alleged liability at ₹16,500 crore.

The Congress leader argued that the liability was neither disclosed in the demerger documents nor adequately reflected in exchange filings, thereby depriving prospective investors of material information necessary for informed decision-making.

Chodankar further contended that once VISL becomes a separately listed entity, recovery of any dues connected to the Goa mining assets could become significantly more difficult due to the corporate restructuring. He claimed that the demerger could create a legal and practical barrier to holding the company accountable for any future recovery proceedings.

The complaint alleges violations of various disclosure requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including provisions relating to material event disclosure, pending legal proceedings, and disclosure of contingent liabilities in schemes of arrangement.

Among the key demands made to SEBI are:

Withholding listing approval for VISL until full disclosure of the alleged ₹16,500 crore liability is made.

Issuing a show-cause notice to Vedanta Limited for alleged non-disclosure.

Directing the company to publicly disclose the liability and related legal issues.

Seeking a bank guarantee equivalent to the alleged liability before permitting the listing.

Ordering an independent inquiry into whether the demerger documents contained material omissions or misrepresentations.

Chodankar has urged SEBI to act before the scheduled June 15 listing, arguing that investor protection and market transparency require full disclosure of all material liabilities before trading begins.

Vedanta Limited has not publicly responded to the allegations contained in the complaint at the time of filing this report. The demerger of Vedanta’s businesses and the creation of separate entities, including VISL, had earlier received approval through the prescribed corporate and regulatory processes.

The matter is now before SEBI for consideration ahead of the proposed stock market debut of Vedanta Iron & Steel Limited.