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Vedanta says evaluating SEBI order on Cairn India

They have been asked to pay Rs 15 lakh each.

SNS | New Delhi |

Vedanta Ltd is evaluating a SEBI order imposing a fine of Rs 5.25 crore on Cairn India, the company said on Friday.

The erstwhile unit was allegedly making a misleading public announcement of buyback of shares on January 14, 2014.

SEBI earlier this week also penalised P Elango, who was the then chief executive officer and director of Cairn, and two other directors, Aman Mehta and Neerja Sharma.

They have been asked to pay Rs 15 lakh each.

“The company has received an adjudication order dated May 19, 2021, from SEBI imposing a penalty… on erstwhile Cairn India Limited (which got merged with Vedanta Limited in 2017) and other noticees,” Vedanta said in a regulatory filing.

“The company is evaluating the order and shall take appropriate action as may be necessary in this regard.”