The Securities & Exchange Board of India (“SEBI”), in a recent order, has held that Vedanta Limited (“Vedanta”), a listed natural resources and technology conglomerate, violated provisions of the Companies Act, 2013, and SEBI’s Listing Obligations and Disclosure Requirements Regulations by failing to make dividend payments in a timely manner to Capricorn UK Holdings Limited (“CUHL”) (formerly Cairn UK Holdings Limited). Accordingly, SEBI has, inter alia, directed Vedanta to pay interest of INR 776.2 million to CUHL.
S&R Associates successfully represented CUHL, a subsidiary of Capricorn Energy PLC (formerly Cairn Energy PLC), before the SEBI in these proceedings, as well as in prior related proceedings before the Securities Appellate Tribunal and the Supreme Court of India.
The S&R team was led by partners Niti Dixit, Shahezad Kazi and Abhishek Tewari and included associates Gladwin Issac and Keshav Somani. CUHL was also advised by Uday Walia of Touchstone Partners in this matter.
For reference, please see the SEBI order below in relation to the matter: