The Supreme Court has remanded the Securities and Exchange Board of India (SEBI) allegations against Vedanta Oil & Gas to the Securities Appellate Tribunal (SAT) for fresh adjudication. The apex court cited discrepancies in trading data and inconsistencies in the investigation record.

The judgment, dated September 9, 2026, pertains to Civil Appeal Nos. 25-26 of 2024 involving SEBI and Vedanta Limited regarding the Cairn India buyback matter. The court directed the SAT to re-examine evidence and record fresh findings in accordance with law.

Legal Proceedings Update

The Supreme Court neither upheld nor rejected the SEBI allegations. Instead, it ordered that the matter be considered afresh by the SAT. Consequently, proceedings will continue before the tribunal as per the court's directions.

Vedanta Oil & Gas Limited, formerly known as Malco Energy Limited, stated it will take all appropriate steps and pursue legal remedies and defence in accordance with applicable law. The company noted that there is presently no final determination of liability.

What the Numbers Show

The disclosure under Regulation 30 of the SEBI Listing Regulations highlights a procedural reset rather than a substantive resolution. The court's identification of specific discrepancies in the data relied upon by regulators suggests the initial evidentiary basis may require significant re-evaluation by the appellate body.

Vedanta Oil & Gas is targeting the unlock of up to 300 million barrels of oil equivalent (Mmboe) through an integrated seismic and subsurface programme in northeast India, according to a newspaper report.

Programme scope and block coverage

The programme spans a total of ten blocks, as detailed below:

Resource potential

The integrated seismic and subsurface programme carries the potential to unlock up to 300 Mmboe of oil and gas resources. The initiative covers nine Open Acreage Licensing Policy (OALP) blocks alongside one discovered small field block in the northeast region.

Key highlights

• Programme combines seismic and subsurface assessment across all ten blocks
• Coverage includes both OALP acreage and a discovered small field block
• Resource unlock potential cited at up to 300 million barrels of oil equivalent