Sebi orders Vedanta to pay Cairn Rs 77.6 cr; bars Navin & Priya Agarwal from mkt
Sebi on Tuesday ordered mining moghul Anil Agarwal’s Vedanta Ltd to pay Rs 77.62 crore to Scottish explorer Cairn for delay in payment of dividends, and also barred the firm’s entire board, including his brother Navin and daughter Priya, from accessing the capital market for the same.
The Securities and Exchange Board of India (Sebi) in a 76-page order said Vedanta must make the payment within 45 days or face further action.
Vedanta had in 2011 bought Cairn Energy PLC’s majority stake in its Indian arm, Cairn India Ltd. Cairn continued to hold a minority stake in Cairn India, which was subsequently merged into its parent and Mumbai-listed Vedanta Ltd.
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Share Market Highlights- Nifty settles above 19650, Sensex above 65,750; Bank Nifty gains more than 300 points
Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 soared 231.90 points or 1.19% to settle at 19,675.45, while the BSE Sensex jumped 742.06 points or 1.14% to 65,675.93.The broader indices ended largely in positive territory, with gains led by Midcap and Smallcap. Bank Nifty index jumped 310.45 points or 0.75% to settle at 44,201.70.Realty and IT stocks outperformed among the other sectoral indices while Oil&Gas, Auto and Financial services stocks gained. Eicher Motors, Tech Mahindra, Hindalco Industries, Infosys and Tata Motors were the top gainers on the NSE Nifty 50, while the laggers included Bajaj Finance, Power Grid Corporation, IndusInd Bank, Dr Reddy Labs and Cipla. The Indian Volatility Index (India VIX) closed down by 0.46 %.