The Supreme Court sends back a ₹5.25-crore SEBI penalty case involving Vedanta-linked Cairn to the Securities Appellate Tribunal (SAT). The court’s decision rests on procedural and evidentiary gaps in SAT’s review of SEBI’s adjudication.
The court finds that SAT does not examine an apparent discrepancy between SEBI’s investigation report and a letter from the National Stock Exchange (NSE). According to the court, the omission is a “material infirmity” because it relates to the basis of the adjudicating officer’s order and could affect the outcome of the penalty.
The outlets describe the remand as a corrective step rather than a final ruling on liability or the quantum of penalty. The case is returned to SAT for fresh consideration, including the contested discrepancy, within the bounds of the Supreme Court’s observations.
