Takeover norm breach: SAT sets aside Sebi order against RIL arm
The Securities Appellate Tribunal (SAT) on Friday set aside an order by the market regulator against Reliance Industries Holdings, Reliance Industries Limited’s (RIL’s) chairman Mukesh Ambani and others issued in April 2021.
In 2000, the Securities and Exchange Board of India (Sebi) had imposed a penalty of Rs. 25 crore on RIL, its chairman Mukesh Ambani, Nita Ambani, Reliance Group chairman Anil Ambani, Tina Ambani, and seven others for alleged violation of takeover regulations.
Quashing the order, the tribunal has ordered Sebi to refund the penalty within four weeks.
