SAT sets aside Sebi order on Sundaram Finance

Securities Appellate Tribunal has set aside SEBI’s order imposing a Rs 1 lakh fine on Sundaram Finance and Wheels India, promoters of Axles India Ltd (AIL), for failing to file a report with the regulator’s under the takeover code norms while subscribing to AIL rights issue. “There is nothing in the SEBI’s order to show that the appellant acted deliberately, in defiance of law … or acted in conscious disregard of its obligation,” SAT said in its order dated January 29. On the contrary, the evidence on record shows that the companies acted bonafide and therefore, imposition of penalty was unwarranted, SAT said.