The Securities Appellate Tribunal (SAT) has set aside capital markets regulator Sebi’s order that imposed a penalty of Rs 5.25 crore on Cairn India for making a misleading announcement regarding buyback of shares in 2014. Cairn India, which was merged with Vedanta Ltd in 2017, was accused of making a misleading public announcement designed to influence investors’ decisions. “We hold that the violations of provisions of… the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations and… the Buyback Regulations are not proved against the company (Vedanta),” a bench consisting of Justice Tarun Agarwala and presiding officer Meera Swarup said.
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