Breather For Vedanta’s Cairn In Alleged Buyback Fraud : SAT Reverses SEBI’s Order

Vedanta Limited Vs Securities and Exchange Board of India (Securities Appellate Tribunal) In a significant respite to Vedanta Limited (“Vedanta”), the Securities Appellate Tribunal has allowed the Appeal filed by Vedanta against the order passed by the Securities and Exchange Board of India (“SEBI”) and has set aside the penalty of Rs 5.25 crores imposed upon Vedanta and Rs 15 lakhs on three officers of the Company. SEBI had alleged that the public announcement by Cairn India Limited (“Cairn”) (now merged with Vedanta) for buying back its shares was a misleading announcement design...