Sebi imposes penalty of Rs 25 cr on Mukesh Ambani, Anil Ambani, others
The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 25 crore on the Ambani family and firms linked to the promoter group for violation of takeover code regulations in the year 2000.
In January 2000, the promoter stake in Reliance Industries (RIL) had increased by 6.83 per cent following conversion of warrants issued in 1994.
However, the promoter group failed to make an open offer as mandate under the Substantial Acquisition of Shares and Takeovers (SAST) Regulations 1997.
Under the regulations, a promoter group acquiring more than 5 per cent of the voting rights, in any financial year ending March 31, needs to make an open offer to minority investors.
