A 21-year Reliance riddle for Sebi
A Securities and Exchange Board of India (Sebi) order on a 21-year-old matter has put the spotlight on whether its probe or action should be timebound.
The market regulator on Wednesday imposed a penalty of Rs 25 crore on Reliance Industries Ltd (RIL) chief Mukesh Ambani, his younger brother Anil Ambani and others, including persons acting in concert (PAC), for non-compliance with the regulator’s takeover rules.
However, the case dates back to 2000 when Dhirubhai Ambani was the chairman of undivided Reliance, which split in 2005.
The capital markets regulator also penalised Mukesh’s wife Nita Ambani, Anil’s wife Tina Ambani, K.D. Ambani and some family members.
