SEBI slaps Rs.1 cr fine on Apollo Tyres

The Securities and Exchange Board of India (SEBI), on Wednesday, imposed a fine of Rs.1.030000000 on Apollo Tyres for allegedly failing to comply with buyback regulations. It was alleged that shares of Apollo Tyres were bought back by the company and its promoters in contravention of the relevant Section of the Companies Act and SEBI (Buy Back of Securities) Regulations. The violations are alleged to have been committed by the company in the year 2003. — PTI