Dividend payment: Vedanta shares in news as firm to pay Rs 78 crore to Cairn UK

Shares of Vedanta will be in focus on Wednesday morning after the market regulator Sebi asked the Anil Agarwal-led company to pay delayed dividend payments to Capricorn UK Holdings Limited (erstwhile Cairn UK Holdings Limited) in the matter of non-payment of dividend.

As per the Sebi order, Vedanta is required to pay Rs 77,62,55,052 to Rs 77.62 crore, which is simple interest at  18 per cent per annum for delayed payment of dividend, due and payable by Vedanta to Capricorn UK Holdings, within 45 days from the date of order.

Vedanta is required to comply with aforesaid direction. Sebi, on expiry of 45 days from the date of this order, may initiate appropriate action against Vedanta for such failure.

"In case of failure of Noticee No.1 to comply with aforesaid direction, SEBI, on expiry of 45 days from the date of this order, may initiate appropriate action against Noticee No.1 for such failure. This order is  without prejudice to any action that might be taken by SEBI in respect of the above violations committed by the Noticee(s)," Sebi said.

This order has come into force with immediate effect and would be served  on  all  the noticees including Vedanta, recognised  stock  exchanges and depositories for information and necessary action

Also Navin Agarwal, Tarun Jain, Thomas Albanese, GR Arun Kumar have been restrained from accessing the securities market  and  further  prohibited  from  buying,  selling  or  otherwise  dealing  in securities, directly or indirectly, or being associated with the securities market in  any  manner,  whatsoever,  for  a  period of two months from  the  date  of coming into force of this order

Priya Agarwal, K Venkataramanan, Lalita D Gupte, Aman Mehta, Ravi Kant and Edward T Story are restrained from accessing the securities market and further  prohibited  from  buying,  selling  or  otherwise  dealing  in securities, directly or indirectly, or being associated with the securities market for one month.

Recently, Vedanta received a letter from NSE, issued by Sebi vide which an administrative warning was issued to Vedanta and the company was directed to place the said letter before its Board of Directors and take necessary corrective steps to strengthen the internal control for corporate announcement, press releases.