Share buyback case: SAT stays Sebi's penalties on Cairn India, others

The Securities Appellant Tribunal (SAT) has stayed the penalties imposed by markets regulator Sebi on Cairn India and others for making a misleading announcement regarding buyback of shares in 2014. While staying the penalties, the tribunal also directed Cairn India, which was merged with Vedanta Limited in 2017, and others involved in the case to deposit Rs 2.5 crore with Sebi within three weeks. If the amount is deposited, no further recovery will be made from them during the pendency of the appeal, the tribunal said in an order dated June 22. In May, the Securities and Exchange Board of India (Sebi) imposed a penalty of Rs 5.25 crore on Cairn India for making a misleading announcement regarding the buyback of shares in 2014. Further, the regulator imposed a fine of Rs 15 lakh each on P Elango, who was the CEO and director of Cairn India, along with Aman Mehta and Neerja Sharma, who were directors of the company at the time of violation. According to the Sebi order, the buyback

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