Supreme Court of India
Securities and Exchange Board of India v. Vedanta Limited
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the foregoing and considering the totality of the circumstances, we are of the view that the scope of the enquiry contemplated by Regulation 15B(8) of Buyback Regulation is confined to determining whether the escrow is liable to be forfeited in the circumstances contemplated by the provision.
Judgment, page 43
In brief
Vedanta (then Cairn India) resolved to buy back 17.09 crore equity shares at a maximum price of Rs. 335 per share for up to Rs. 5,725 crore through the open market, announced the offer on 14.01.2014, and deposited Rs. 143.125 crore (2.5% of the buyback size) in escrow. During the 123 trading day buyback window it purchased only 3.67 crore shares for Rs. 1,225.45 crore, i.e. 21.48% of the target, and its request for extension was refused by SEBI as unsupported by the Buyback Regulations.…
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