Supreme Court reviews SAT's order setting aside Vedanta penalty

This case concerns an appeal by SEBI against the Securities Appellate Tribunal's (SAT) decision to set aside penalties imposed on Vedanta Limited and its directors for allegedly making a misleading announcement of a share buyback without the intent to fulfill it.

Who it concerns: Appellant: Securities and Exchange Board of India (SEBI); Respondents: Vedanta Limited and others; Bench: Justice J.B. Pardiwala.

What the court decided

• The document is a judgment dated 2026 INSC 978.
• The Court is reviewing the SAT's order dated 05.10.2023, which set aside the Adjudicating Officer's penalty order dated 19.05.2021.
• The original penalties were Rs. 5.25 Crore on Vedanta Limited and Rs. 15 Lakh each on three individual directors.
• The allegations involved violations of the PFUTP Regulations and Buyback Regulations due to a lack of intent to complete the buyback.
• The text provided contains the factual matrix, submissions, and issue determination but does not include the final conclusion or operative order of the Supreme Court.

Also in the document

• The provided text is truncated and does not contain the final judgment or relief granted by the Supreme Court.
• The SAT had previously held that the respondents' actions were not fraudulent and that the public announcement was not misleading.
• SEBI argued that the respondents failed to place sufficient buy orders on favorable trading days, indicating a lack of genuine intention.