After twenty years, the Securities and Exchange Board of India (SEBI) on Wednesday imposed a penalty of Rs 25 crore on Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani and firms linked to the Ambanis for alleged violation of the takeover code regulations in 2000.
The case pertains to an increase in the promoter stake of Reliance Industries Ltd (RIL) in January 2000, after conversion of some warrants issued as early as 1994.
SEBI has alleged the promoter group failed to make an open offer as required under the norms.
“In the instant case, the violation was not one which was committed once and for all but that which continues till date.
