The Securities Appellate Tribunal (SAT) has directed Sebi to hold an enquiry into the complaint filed by Cairn UK against Vedanta for non-payment of dividend to the tune of Rs 340 crore.
In April 2017, the UK-based firm had filed a complaint to Sebi in connection with non-payment of dividend by Cairn India (since it merged with Vedanta). Sebi had ruled in favour of Cairn India.
The tribunal has asked Sebi probe the violations and “take it to its logical conclusion within six months from today”.
“We consequently direct Sebi to initiate an enquiry under Section 11(4)(A) of the SEBI Act and hold an enquiry in the prescribed manner, investigate the violations of the Companies Act, etc.
