| Apollo Tyres announced that the Securities Appellate Tribunal (SAT) vide its order dated 27 September 2023 has quashed the order dated
November 22, 2018 passed by SEBI in its entirety and directed SEBI to refund the penalty amount to the Company within 4 weeks from the date of its order.
Background: SEBI vide its order dated 22 November 2018 had imposed a penalty of Rs. 65 lakh on the Company for the alleged violation of the provisions of Regulations 4(1), 5A and 19(7) of the Buy Back Regulations, 1998 pertaining to the buy-back of shares held by notified parties, in the year 2003. Further, the Company had deposited the penalty amount under protest to SEBI and simultaneously, an appeal was filed before SAT against the order passed by SEBI
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