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The Economic Times
The Economic Times

Supreme Court sends Vedanta’s Rs 5.25 crore SEBI penalty case back to SAT

SEBI SAT Cairn India the Supreme Court The Securities Appellate Tribunal

The Supreme Court on Wednesday remanded to the Securities Appellate Tribunal a case involving a Rs 5.25 crore penalty imposed by the Securities and Exchange Board of India on Cairn India, now part of Vedanta Ltd, over its 2014 share buyback.

The case relates to Cairn India's Rs 5,725 crore open-market buyback, announced in January 2014 at a maximum price of Rs 335 per share. The company eventually bought back only 21.48% of the maximum number of shares proposed, falling short of the 50% requirement under SEBI's buyback norms.

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