Vedanta Iron & Steel Limited withdrew seven items from its ongoing postal ballot process on September 21, 2026. The company pulled resolutions seeking approval for material related-party transactions involving itself and six subsidiaries.

vedanta iron & steel stated the withdrawal follows a review of transaction schedules. The Board of Directors decided to remove the items as a matter of abundant caution and good corporate governance.

Items Withdrawn

The withdrawn items, numbered 10 through 16 in the original notice dated August 31, 2026, covered proposed transactions with identified related parties. These involved the parent company and the following material subsidiaries:

• Sesa Resources Limited
• Sesa Mining Corporation Limited
• Bloom Fountain Limited
• ESL Steel Limited
• Western Cluster Limited
• Desai Cement Company Private Limited

Reason for Withdrawal

The company cited the need for further evaluation of several factors regarding these transactions. These include the scope, categorisation, and classification of the proposed deals. Additionally, the board noted a requirement to review transaction values, limits, applicable approval requirements, and corresponding disclosures to shareholders.

Impact on Voting Process

The total number of business items in the postal ballot has been reduced from 16 to 9. Remote e-voting continues for the remaining nine items, which were originally numbered 1 to 9. The voting window remains open from 9:00 am on September 1, 2026, to 5:00 pm on September 30, 2026.

Any votes already cast for items 10 through 16 will not be counted by the scrutinizer. The company clarified that this withdrawal does not affect the validity of the remaining items or other terms in the original notice. A corrigendum detailing these changes is available on the company website.

GLAS Agency (Hong Kong) Limited disclosed the creation of an encumbrance over 56.38% of Vedanta Iron & Steel 's equity share capital. The disclosure, filed on September 18, 2026, relates to bonds issued by the promoter group.

Vedanta Iron & Steel saw this encumbrance created on shares held by its promoter group entities, including Vedanta Resources Limited and its subsidiaries. No pledge was created directly; rather, contractual restrictions under new bond terms fall within the definition of encumbrance under SEBI Takeover Regulations.

Bond Issuance Details

Vedanta Resources Finance II PLC issued $400 million in Tap Bonds on September 16, 2026. These bonds consolidate with previously issued Original Bonds into three series:

GLAS Agency acts as trustee and security agent for these bondholders. The Trust Deeds impose specific conditions on the Promoter Group Entities. The debt instruments carry credit ratings of "Ba3" from Moody's Inc., "BB" from Fitch Ratings Limited, and "BB-" from S&P Global Ratings.

Regulatory Constraints

The terms and conditions restrict the promoter group in several ways:

• Promoter Group Entities cannot create further encumbrances on assets unless certain conditions are met.
• Specific subsidiaries must acquire or dispose of shares in listed Indian subsidiaries only as specified.
• The VRL Group must retain control over Vedanta Iron And Steel or own at least 50.1% of its issued equity share capital.
• Asset disposal is restricted following an Event of Default.

Use of Proceeds

The proceeds from the Tap Bonds are intended to be used to repay outstanding bonds, including any accrued interest thereon, and to pay transaction costs in connection therewith.

What the Numbers Show

The encumbrance covers 2,204,724,753 shares, representing 56.38% of the total voting capital. This figure remains unchanged from previous disclosures made in July 2026, as the current filing relates to additional Tap Bonds secured against the same underlying shareholding. The total equity share capital of the company stands at 3,910,388,057 equity shares of ₹1 each.