SAT quashes Sebi’s order against Mukesh Ambani, 2 others in RPL case
The Securities Appellate Tribunal (SAT) on Monday quashed an order against Reliance Industries (RIL), its chairman Mukesh Ambani, and two others issued by the Securities and Exchange Board of India (Sebi). The court also directed Sebi to return any fine deposited by them.
The matter pertains to alleged manipulative trading in November 2007 through 12 agents in the shares of erstwhile Reliance Petroleum (RPL).
In an order issued in January 2021, Sebi had imposed a penalty of Rs 25 crore on RIL, Rs 15 crore on Mukesh Ambani, Rs 20 crore on Navi Mumbai SEZ, and Rs 10 crore on Mumbai SEZ.
