Key Points
In a relief to Apollo Tyres, the Supreme Court on Monday upheld the Securities Appellate Tribunals September order that quashed the Securities and Exchange Board of India's penalty of Rs 65 crore on the company for violating norms pertaining to buyback of shares in 2003...
In 2018, Sebi had penalised Apollo Tyres on the grounds that 6.90 lakh shares of Apollo Tyres were bought back by the company and its promoters in contravention of the relevant section of the Companies Act and Sebi regulations...
A bench led by Justice Sanjiv Khanna during the hearing pulled up Sebi for appealing against the SAT orders and also asked it to give a list of appeals that it had filed against the tribunal's orders...
The apex court also asked the officer-in-charge of the case against Apollo Tyres to explain the inordinate delay in taking action against the company as Sebi had passed the order way back in 2018, almost 15 years after the alleged violation of buyback norms...
Once the sale of 36.90 lakh shares was upheld by the Supreme Court, the question of SEBI looking into the possible violation of the Buy-Back Regulations or of the Section 77 of the Companies Act does not arise nor penalty could be imposed..
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