Supreme Court Remands Cairn Buyback Penalty Case to SAT

The Supreme Court has directed the Securities Appellate Tribunal to reconsider a regulatory penalty case involving erstwhile Cairn India. The tribunal previously quashed a five crore rupee fine imposed by markets regulator Sebi regarding a contentious 2014 share buyback. The legal dispute centers on compliance issues tied to the corporate transaction, which now involves Vedanta following the consolidation of the energy firms.