Sebi slaps Rs 6.5-mn penalty on Apollo Tyres for violating buy-back norms

Market regulator Sebi on Thursday levied a penalty of Rs 6.5 million on Apollo Tyres for violation of buy-back regulations. The matter pertains to 2003, when Apollo Tyres had allegedly bought back shares belonging to the company and its promoters, in contravention of the regulations.
 
Sebi had earlier imposed a penalty of Rs 10 million. In December 2016, the Securities Appellate Tribunal (SAT) directed Sebi to issue a fresh order on the matter. "No quantifiable figures are available to assess the disproportionate gain or unfair advantage made as a result of such default by the noticee (Apollo Tyres). Further,