In Brief
The Securities and Exchange Board of India appealed against a Tribunal decision that had absolved V. Shankar, a Company Secretary of Deccan Chronicle Holdings Limited, of liability for regulatory violations during a 2010-11 equity buyback worth Rs 270 crores. The Supreme Court found that the Tribunal had misinterpreted Regulation 19(3) of the SEBI Buyback Regulations, wrongly limiting a compliance officer's duty to grievance redressal alone. The Court held that compliance officers must actively ensure regulatory compliance with buyback rules, not merely authenticate pre-approved documents. The Court set aside the Tribunal's judgment and remitted the case for reconsideration."
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