Vedanta Gets SEBI’s Warning Letter on Lax Compliance
- SEBI probed a related party deal and a delayed disclosure
- Company says it’s been ‘meticulous’ in regulatory disclosures
Vedanta Ltd. company office building in Mumbai.
Photographer: Kanishka Sonthalia/BloombergThis article is for subscribers only.
Vedanta Ltd. said it received a warning letter from India’s market regulator that flagged non-compliance in some disclosures, prompting the firm led by billionaire Anil Agarwal to say it has been meeting all regulatory requirements.
The Securities and Exchange Board of India on Oct. 28 queried the company on a related party transaction worth 14.07 billion rupees ($188 million) that didn’t receive prior approval from the board’s audit committee, Vedanta said in an exchange filing Saturday.