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SAT directs SEBI to pay Rs 5 lakh costs over 'lackadaisical approach' in not defreezing shares of Kirloskars
![IndiaTimes]()
Tuesday, 5 December 2023
The Securities Appellate Tribunal (SAT) reprimanded SEBI for its lackadaisical approach in failing to defreeze the shares of the Kirloskar family. SAT observed that SEBI's approach was contrary to the spirit of the SEBI Act, which is meant to protect the interest of investors. The tribunal criticized the blame game between SEBI and NSDL and highlighted the apathy shown by SEBI in not taking follow-up action. The shares of the appellants remained frozen for over a year despite their appeals being allowed. SEBI has been directed to pay a cost of Rs 5 lakh to SAT.
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Tuesday, 5 December 2023
