sebi:QJA/KS/IVD/ID2/30077/2023-24
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Provisions invoked
- s. 11B
- s. 11A
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
- s. 11(2)
- s. 24(2)
- s. 138
- s. 166
- s. 127
- s. 73(2)
- s. 149
- s. 24(1)
- s. 24
- s. 207
- s. 281B
- s. 124
- s. 226(3)
- s. 281
Regulations
- Reg. 4(1)(g)
- Reg. 4(2)(c)
- Reg. 4(2)(c)(i)
Parties
- Vedanta Ltd. (Noticee No.1)
- Noticee No.2
- Noticee No.3
- Noticee No.4 (CEO)
- Noticee No.5
- Noticee No.6
- Noticee No.7
- Noticee No.8
- Noticee No.9
- Noticee No.10
- Noticee No.11
Holding
The order examines whether CIL/Vedanta and its directors violated Section 127 read with Section 124 of the Companies Act by withholding dividend payable to CUHL after the provisional attachment expired on March 31, 2016, and addresses Noticee requests for inspection of documents. The adjudicating authority finds that the SCN details facts and provisions alleged against the Noticees and that a quasi-judicial authority must act within the four corners of the SCN.
Full text
Final order in the matter of non-payment of dividend to Cairn UK Holdings Limited. Page 2 of 76 International Taxation, New Delhi, issued under Section 226(3) of the Income Tax Act, 1961, on June 19, 2017 and June 20, 2017. In view of pendency of matter before the ITD, SEBI closed the complaint of CUHL.
Final order in the matter of non-payment of dividend to Cairn UK Holdings Limited. Page 3 of 76 “16. In the instant case, admittedly, the dividend was not paid to the appellant within the stipulated period. Thus, a prima-facie, case is made out for violation of Section 127 read with Section 124 of the Companies Act. The finding that the documents available on record was not sufficient to establish mens rea for an offence to be established under Section 127 of the Companies Act is patently erroneous as we find that relevant documents has not been considered by SEBI. Further, nothing has come on record to indicate as to what was the mitigating circumstances which led respondent nos. 2 in not releasing the dividend after the expiry of the attachment on March 31, 2016 and issuance of recovery notice dated June 16, 2017.
Final order in the matter of non-payment of dividend to Cairn UK Holdings Limited. Page 4 of 76 a. During January 22, 2014 to June 20, 2017 (“Investigation period” or “IP”), CIL declared following dividend: -
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Source: SecMarx — sebi:QJA/KS/IVD/ID2/30077/2023-24. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.