SAT quashes Sebi’s order directing Prabhat Dairy to deposit Rs 1,292 crore

SAT relief to Prabhat Dairy on Rs. 1,292-crore deposit The Securities Appellate Tribunal on Monday quashed an order passed by SEBI in October asking Prabhat Dairy to deposit over Rs. 1,2920000000. It directed SEBI to process the delisting application of the firm and pass appropriate orders within six weeks. “The direction to deposit [the] sum... is wholly arbitrary and has been passed without any application of mind,” the tribunal said.pti