Allegations of Violating SEBI Buyback and PFUTP Regulations Unproven; Company Cleared of Fraudulent Conduct.

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....Violation of Buyback Regulations and PFUTP Regulations 3 and 4 of the SEBI - There is nothing on record to indicate that the Company instructed the intermediaries to prefer one Stock Exchange over another. The Company utilized Rs. 1225.45 crores in the buyback process and in our view this is not a paltry sum to invest for a non-serious effort to buyback the shares. The above indicates that it cannot be conclusively proved that the Company showed no intent to successfully complete the buyback and there by acted fraudulently. - Violations are not proved against the Company - AT....