The Securities and Exchange Board of India (Sebi) on Friday imposed penalties on Mukesh D Ambani, Reliance Industries Ltd and two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007.
Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and its chairman and managing director Mukesh Ambani, respectively. Apart from them, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd pay Rs 10 crore.
The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007. It came after RIL’s decision in March 2007 to sell a 4.1 per cent stake in RPL, a listed subsidiary that was subsequently merged with RIL in 2009.
