Metals-to-oil conglomerate company Vedanta on July 21 withdrew its appeal filed in Securities Appellate Tribunal (SAT) challenging SEBI's order imposing a penalty of Rs 30 lakh ($36,567.503) for violating the market regulator's disclosure requirements.
When the appeal was called out for hearing, Vedanta's lawyer informed the court that he has instructions to inform the tribunal that they were withdrawing the appeal. The tribunal accordingly permitted the withdrawal.
On June 30, SEBI said Vedanta had broken its rules by publishing a press release on its website that made it appear it had partnered with Foxconn to make semiconductors in India when the deal was with Vedanta's holding company.
The publication led to Vedanta Ltd's share price moving significantly, SEBI said.
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