After the order of SEBI, the shares of veteran businessman Anil Aggarwal’s Vedanta Limited are witnessing a decline on Wednesday. Till the time of writing the news in early trade, the company’s shares had fallen by 3 percent.
Let us tell you, SEBI has taken action regarding delay in payment of dividend on Vedanta Limited. SEBI has directed Vedanta to pay Rs 77.62 crore along with interest on dividend payment to Cairn Energy within 45 days. Along with this, SEBI has banned the entire board of Vedanta Limited from the capital market for some time. With this action, SEBI has banned Naveen Aggarwal, Tarun Jain, Thomas Albanese and GR Arun Kumar from the securities market for two months. Whereas Priya Aggarwal, K Venkataramanan, Lalita D Gupte, Aman Mehta, Ravi Kant and Edward have been barred from entering the market for a month.
What was SEBI’s order?
“Noticed No. 1 (Vedanta Ltd) shall pay Rs 77,62,55,052 to CUHL within 45 days on delayed payment of dividend at the rate of 18 per cent per annum in ordinary course of time,” the market regulator (SEBI) said in its order. Will be with interest. This order comes on the complaint received by SEBI from Cairn UK Holdings Limited on April 13, 2017. In this, Cairn India Limited was accused of non-payment of dividend of Rs 340.65 crore. The equity shares of Cairn India are owned by CUHL.
