SAT’s Decision in Hindustan Foods Limited v. BSE Limited & Anr.
The note analyzes the decision of Securities Appellate Tribunal (“SAT”) in Hindustan Foods Limited v. BSE Limited & Anr., where SAT held that a listed entity’s settlement with Securities and Exchange Board of India does not preclude a recognized stock exchange from subsequently imposing a fine for the same underlying non-compliance where the regulatory framework and the settlement order expressly preserve such action. The note highlights the importance for listed entities of carefully assessing the scope of settlement orders and any express reservations preserving parallel regulatory action.