Sebi orders Vedanta to pay Rs78 cr to Cairn UK for delay in dividend payment
Has asked Vedanta Ltd to pay the fine with interest within 45 days of order
New Delhi: Capital market regulator Sebi on Tuesday asked Vedanta Ltd, earlier known as Cairn India Ltd, to pay Cairn UK Holdings Limited (CUHL) Rs77.62 crore along with interest for delayed payment of dividend.
The Securities and Exchange Board of India (Sebi) has asked Vedanta Ltd to pay the fine within 45 days. Apart from this, the regulator directed Navin Agarwal, Tarun Jain, Thomas Albanese and GR Arun Kumar to restrain from accessing the securities market for two months. It has also barred Priya Agarwal, K Venkataramanan, Lalita D Gupte, Aman Mehta, Ravi Kant and Edward from accessing the market for one month.
In its 76-page order, Sebi said: "Noticee No.1 (Vedanta Ltd) shall pay to CUHL Rs 77,62,55,052 i.e. simple interest @ 18 per cent per annum for delayed payment of dividend, due and payable by Noticee No.1 to CUHL, within 45 days."
The order came after Sebi received a complaint on April 13, 2017 from Cairn UK Holdings Ltd alleging non-payment of dividends of Rs 340.65 crore by Cairn India Ltd, which was merged with Vedanta on April 11, 2016, in respect of over 18 crore equity shares of Cairn India owned by CUHL.
