Vedanta shares saw a nearly one percent decline at the open on March 13, following SEBI’s directive for the company to pay Cairn UK Holdings Limited (CUHL) Rs 77.62 crore, plus a simple interest of 18 percent per annum for a delay in dividend payment.
As of 9:53 am, the shares were trading 2.66% lower at ₹263.10.
In a post-market hours filing, Vedanta Limited disclosed that SEBI has instructed its chairman and managing director (CMD) Navin Agarwal, whole-time director Tarun Jain, whole-time director and chief executive officer (CEO) Thomas Albanese, and whole-time director and chief financial officer (CFO) GR Arun Kumar to refrain from accessing the securities market for two months. Additionally, non-executive director Priya Agarwal and independent directors K Venkataramanan, Lalita D Gupte, Aman Mehta, Ravi Kant, and Edward T Story have been barred from market access for a month.
The company stated that it is taking appropriate legal measures in response to SEBI’s decision and does not anticipate any significant financial or material repercussions.
