RPL case: Tribunal dismisses RIL plea against Sebi order
The Securities Appellate Tribunal (SAT) has dismissed an appeal by RIL challenging the Rs 447 crore disgorgement order passed by market regulator Sebi in a case relating to Reliance Petroleum (RPL).
The tribunal, by a 2:1 majority order, on Thursday dismissed the appeal filed by Reliance Industries Ltd (RIL) against the Securities and Exchange Board of India (Sebi) order dated March 24, 2017, in the matter relating to the sale of RPL shares by RIL in November 2007. “The company, under proper legal advice, will prefer an appeal to the Supreme Court and is confident of vindicating its position,” RIL said in filing on Thursday.
