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Vedanta dividend payment case: SAT stays Sebi order

Livemint

Livemint · 1y ago

Vedanta dividend payment case: SAT stays Sebi order

The Securities Appellate Tribunal (SAT) has granted a stay on an order by the Securities and Exchange Board of India (SEBI) against Vedanta Ltd. The SEBI order had directed Vedanta to pay ₹77 crore in interest for delayed dividend payment to Cairn UK Holdings. SAT has asked Vedanta to deposit 50% of the interest amount into an interest-bearing account for Cairn UK. The case will be heard next on 18 June. SEBI had also barred nine of Vedanta's directors from accessing the capital markets due to alleged violations concerning the delayed dividend payment.

Related News

SEBI asks Vedanta India to pay Cairn UK Holdings Rs 77.62 cr for late dividend payout

Money Control

Money Control · 1y ago

SEBI asks Vedanta India to pay Cairn UK Holdings Rs 77.62 cr for late dividend payout

The Securities and Exchange Board of India (SEBI) has ordered Vedanta India, formerly known as Cairn India Ltd, to pay Cairn UK Holdings Limited Rs 77.62 crore with 18% annual interest for delayed payment of dividend. SEBI has also imposed restrictions on the securities market access of the chairman, managing director, and other executives and directors of Vedanta India. The company has stated that there will be no major financial impact from this regulatory order but is taking appropriate legal steps in response.

Vedanta to appeal against Sebi order to pay ₹77.62 crore to Cairn

Livemint

Livemint · 1y ago

Vedanta to appeal against Sebi order to pay ₹77.62 crore to Cairn

Vedanta Ltd announced its plan to appeal against the Securities and Exchange Board of India's (Sebi) order to pay a penalty of INR 77.6 crore to Cairn UK Holdings Ltd for delayed dividend payments. The order also barred Vedanta's entire board from accessing the capital market. Vedanta claims that Cairn had waived its right to claim interest when settling a retrospective tax demand with the Indian government. Vedanta cited no intent to withhold dividend payments and argued that all dues were cleared after Cairn settled its tax dispute.

Vedanta board announces third interim dividend of FY25 at ₹20 per share | Mint

Livemint

Livemint · 12m ago

Vedanta board announces third interim dividend of FY25 at ₹20 per share | Mint

Vedanta Ltd's Board of Directors has approved the issuance of a third interim dividend for the financial year 2024-25. The dividend amounts to ₹20 per equity share and the total value is ₹7,821 crore. The dividend will be paid on September 10. This is the third dividend issued by Vedanta in the current financial year, with the previous dividends being ₹11 per share and ₹4 per share. Vedanta also reported a 54% rise in net profits for the April-June quarter of FY 2024-25.

Vedanta announces ₹4,000 cr dividend, plans to raise ₹8,500 cr

Livemint

Livemint · 1y ago

Vedanta announces ₹4,000 cr dividend, plans to raise ₹8,500 cr

Mining and metals major Vedanta Ltd plans to raise ₹8,500 crore ($1.17 billion) in capital through equity or debt channels. The company also declared an interim dividend of ₹11 per share, totalling ₹4,089 crore. Additionally, it announced an investment in its Saudi Arabian unit to set up a copper rod plant, citing growth opportunities in new geographies. Vedanta has a history of high dividends, driven by parent company Vedanta Resources' debt payment needs. The firm's shares have gained nearly 70% since the start of the year.

Vedanta approves second interim dividend for FY25

Money Control

Money Control · 1y ago

Vedanta approves second interim dividend for FY25

Vedanta, a mining major, has approved a second interim dividend of Rs 4/share for FY25, totaling Rs 1,564 crore. This announcement comes after the company paid a total dividend of Rs 37,572 crore during FY23. The high dividend payout has been a consistent trend for Vedanta in recent years, with Rs 16,689 crore distributed in FY22 and Rs 3,519 crore in FY21. Since July 2001, Vedanta has declared 42 dividends, amounting to Rs 50 per share, including three in FY24.

Cairn dividends: SEBI restrains Vedanta’s former Vice-Chairman Navin Agarwal from dealing in securities for 2 months

Thehindubusinessline

Thehindubusinessline · 1y ago

Cairn dividends: SEBI restrains Vedanta’s former Vice-Chairman Navin Agarwal from dealing in securities for 2 months

SEBI has barred Vedanta's Executive Vice-Chairman, Navin Agarwal, and his daughter, Priya Agarwal, from dealing in securities due to their failure to pay dividends to Cairn UK Holdings (CUHL). Vedanta has also been ordered to pay ₹77.62 crore to CUHL, following a complaint filed by CUHL in 2017. SEBI has imposed a two-month restraint on Navin Agarwal and a one-month restraint on Priya Agarwal, as well as imposing restrictions on other executives and independent directors. Vedanta has stated that the SEBI order will have no major financial impact on the company.

ICICI Securities settles SEBI case by paying Rs 69.82 lakh

YourStory

YourStory · 1y ago

ICICI Securities settles SEBI case by paying Rs 69.82 lakh

ICICI Securities has settled a case with SEBI by paying Rs 69.82 lakh for alleged violation of regulatory norms. The settlement application was submitted in connection with the merchant banking activities of the company. The case pertained to the due diligence process to be followed by the company. ICICI Securities has received a settlement order from SEBI after making the payment. The company is also seeking regulatory clearance for delisting from the stock exchanges. Shareholders of ICICI Securities will receive 67 shares of ICICI Bank for every 100 shares they hold, according to the proposed scheme of arrangement.

SEBI issues confirmatory order on Brightcom Group

Livemint

Livemint · 1y ago

SEBI issues confirmatory order on Brightcom Group

The Indian market regulator, Securities and Exchange Board of India (Sebi), has confirmed its directives against 20 entities involved in the Brightcom Group case. Sebi's investigation revealed that some allottees made only partial payments in a preferential issue of shares and warrants. Sebi has issued an order prohibiting Brightcom Group's promoter and CMD, Suresh Kumar Reddy, from assuming any significant managerial role in any listed company or engaging in securities market transactions. The order also highlighted the company's loose internal financial controls and Reddy's questionable practices in benefiting from the company's shares without fulfilling payment obligations.

SAT allows Gensol to file response to SEBI’s interim order

YourStory

YourStory · 3m ago

SAT allows Gensol to file response to SEBI’s interim order

The Securities Appellate Tribunal (SAT) has permitted Gensol Engineering to respond to the Securities and Exchange Board of India's (SEBI) interim order. SEBI’s investigation revealed misuse and diversion of company funds by Gensol's promoters, Anmol and Puneet Singh Jaggi. The tribunal allowed Gensol two weeks to respond, following which SEBI will decide within four weeks. The firm also faces insolvency proceedings from IREDA over a Rs 510 crore default amid board resignations and compliance issues.

Investors of CIG Realty Fund move SAT against trustees for ‘breach of trust’

Livemint

Livemint · 1y ago

Investors of CIG Realty Fund move SAT against trustees for ‘breach of trust’

Investors in CIG Realty Fund have filed a complaint with the Securities Appellate Tribunal (SAT) against the fund's trustees, alleging breach of contract. The investors claim that the schemes offered by the fund were wrongfully extended beyond the permitted time, causing inconvenience. The fund was registered as a venture capital fund in 2005 and investors have collectively invested around ₹650 crore. The SAT will take up the matter on 26 July. The trustees of the fund had previously challenged an order by the Securities and Exchange Board of India (Sebi) to winding up the schemes.

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