SC revives SEBI fraud case against Vedanta
New Delhi, Sept. 10 -- The Supreme Court on Wednesday revived a Securities and Exchange Board of India (Sebi) fraud case against Vedanta Limited over its 2014 share buyback, holding that release of the escrow amount did not give the company immunity from a separate probe into alleged fraudulent conduct.
A bench of justices JB Pardiwala and KV Viswanathan, however, stopped short of recording a finding of fraud against Vedanta, formerly Cairn India Limited, and remanded the issue to the Securities Appellate Tribunal (SAT) for fresh adjudication after finding serious discrepancies in the trading data relied upon by Sebi.
The court made it clear that the two inquiries were fundamentally different.
The escrow mechanism under Regulation 15B(8) of...
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