Supreme Court refuses stay on SAT order in Cairn India buyback case

The Supreme Court refused to stay a tribunal order that quashed SEBI's action against Cairn India, now part of Vedanta Ltd. SEBI had penalized Cairn India for violating buyback rules. The company successfully appealed against the penalties, arguing unforeseen market conditions. SEBI's appeal against the tribunal's decision will be heard by the Supreme Court.