Big relief to Mukesh Ambani in 16 year old case, will not have to pay Rs 40 crore - Newztezz Online

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Monday, December 4, 2023

Big relief to Mukesh Ambani in 16 year old case, will not have to pay Rs 40 crore

A bench led by Justice Tarun Aggarwal said that SEBI's order of 2021 is cancelled. If the penalty has been deposited with SEBI then it should be returned to the appellants. A copy of the detailed order has not arrived yet.

Mukesh Ambani has got a big relief from the Securities Appellate Tribunal i.e. SAT. SAT has canceled the 2021 order of market regulator SEBI against Reliance Industries Limited Managing Director Mukesh Ambani, Navi Mumbai SEZ and Mumbai SEZ in the case related to alleged manipulation in the shares of Reliance Petroleum Limited. In January 2021, SEBI had imposed a fine of Rs 25 crore on Reliance Industries and Rs 15 crore on Ambani. SEBI had also asked Navi Mumbai SEZ to pay a fine of Rs 20 crore. Ambani, along with RIL and other entities, had challenged the order before SAT.

Order was given two years ago

On Monday, a bench led by Justice Tarun Aggarwal said that SEBI's order 2021 is cancelled. If the penalty has been deposited with SEBI then it should be returned to the appellants. A copy of the detailed order has not arrived yet. The case pertains to sales and purchases of RPL shares in the cash and futures segment in November 2007. Reliance decided to sell about 5 per cent stake in RPL, a listed subsidiary which was later merged with RIL in 2009.

This is the whole matter

This entire case is related to the sale purchase of shares of Reliance Petroleum Limited in future and option about 16 years ago i.e. in November 2007. Reliance decided to sell about 5 percent stake in its listed subsidiary RPL. Later RPL was merged into RIL in the year 2009. At that time, SEBI officer BJ Dilip, who investigated the case and gave the decision, had admitted that manipulation in either the number or price of securities always reduces the confidence of investors in the market.

Rise in Reliance shares

There is a rise in the shares of Reliance Industries on Monday. Shares of Reliance Industries are trading at Rs 2420.50 with a rise of 1.13 percent at 2:55 pm. The company's shares also reached Rs 2445 during the trading session. Today the company's shares opened at Rs 2440.05. By the way, the market cap of the company has reached Rs 16,37,633.61 crore.

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