SAT asks RIL to pay Rs 447 crore plus interest
Mumbai: The Securities Appellate Tribunal (SAT) has directed Reliance Industries Ltd (RIL) to pay Rs 447.27 crore, along with 12% interest, while dismissing an appeal filed by the company against the Securities and Exchange Board of India (Sebi). RIL said it would appeal to the Supreme Court against the order. The tribunal has directed RIL to pay the amount along with interest from November 2007 within 60 days of the SAT order.
On March 24, 2017, Sebi had barred RIL and 12 other entities from dealing in equity derivatives in the futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum Ltd (RPL) in 2007. The regulator had also directed RIL to disgorge the amount.
