Securities Appellate Tribunal dismisses RIL appeal
The Securities Appellate Tribunal (SAT) has dismissed an appeal filed by Reliance Industries (RIL) against a March 2017 disgorgement order passed by Sebi.
The tribunal on Thursday said there was no question of the regulator’s direction to disgorge over Rs 447 crore being “harsh or a penal action” as it was an equitable remedy.
Sebi’s order had pertained to the sale of Reliance Petroleum Ltd’s (RPL) shares by RIL in November 2007.
“Nothing has been taken out of the appellant’s own funds/assets in the process. Since it is only an equitable remedy there is no question of that being harsh or a penal action,” the majority order by the two members — C K G Nair and M T Joshi — said.
