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regular-article-logo Thursday, 23 May 2024

Securities Appellate Tribunal stays SEBI's order against Vedanta in Cairn UK Holdings case

'At this stage the balance of convenience lies with the appellants (Vedanta). Stay is granted on the effect and operation of the impugned order pending disposal of the appeal,' the tribunal said in its order on March 20

Our Special Correspondent Mumbai Published 27.03.24, 10:59 AM
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The Securities Appellate Tribunal (SAT) has granted a stay on an order passed by the Securities and Exchange Board of India (Sebi) against Vedanta Ltd.

In March this year, the market regulator had asked the company to pay Rs 77 crore in interest for a delayed dividend payment to Cairn UK Holdings Ltd (CUHL).

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Sebi had also barred nine of Vedanta’s directors from accessing the capital markets.

“At this stage the balance of convenience lies with the appellants (Vedanta). Stay is granted on the effect and operation of the impugned order pending disposal of the appeal,’’ the tribunal said in its order on March 20.

It, however, added that this is subject to the condition that Vedanta Ltd deposits 50 per cent of the interest amount determined to be payable to CUHL. This has to be put in an interest bearing account to be maintained by Vedanta within two weeks of the order.

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