In 2018, Sebi had penalised Apollo Tyres on the grounds that 6.90 lakh 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 regulations. A bench led by Justice Sanjiv Khanna during the hearing pulled up Sebi for appealing against the SAT orders and also asked it to give a list of appeals that it had filed against the tribunal's orders.
