{"id":382620,"date":"2020-11-06T08:44:20","date_gmt":"2020-11-06T03:14:20","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=382620"},"modified":"2020-11-06T09:50:56","modified_gmt":"2020-11-06T04:20:56","slug":"sat-dismisses-ril-appeal-against-sebi-order-seeking-payment-of-rs-447-cr","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/sat-dismisses-ril-appeal-against-sebi-order-seeking-payment-of-rs-447-cr\/","title":{"rendered":"SAT dismisses RIL appeal against Sebi order seeking payment of Rs 447 cr"},"content":{"rendered":"<p>The Securities Appellate Tribunal (SAT) has dismissed Reliance Industries\u2019 (RIL\u2019s) plea challenging an order passed by the Securities and Exchange Board of India (Sebi) asking the company to return Rs 447 crore \u201cunlawfully gained\u201d by dealing in shares of erstwhile subsidiary Reliance Petroleum (RPL).<\/p>\n<p>A majority of SAT\u2019s three-member Bench upheld Sebi\u2019s order dated March 24, 2017. Dismissing RIL\u2019s appeal, SAT directed the company to pay Rs 447 crore, with a simple interest of 12 per cent from November 2007, within 60 days. The amount works out to about Rs 1,150 crore.<\/p>\n<p>SAT said while the disgorgement amount is sizeable, the directions are not harsh. \u201cIt is only a remedial action and what is disgorged is only what has been gorged by contravention of the specified laws. Nothing has been taken out of the appellant\u2019s own funds\/assets in the process. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities Appellate Tribunal (SAT) has dismissed Reliance Industries\u2019 (RIL\u2019s) plea challenging an order passed by the Securities and Exchange Board of India (Sebi) asking the company to return Rs 447 crore \u201cunlawfully gained\u201d by dealing in shares of erstwhile subsidiary Reliance Petroleum (RPL). A majority of SAT\u2019s three-member Bench upheld Sebi\u2019s order dated March 24, 2017. Dismissing RIL\u2019s appeal, SAT directed the company to pay Rs 447 crore, with a simple interest of 12 per cent from November 2007, within 60 days. The amount works out to about Rs 1,150 crore. SAT said while the disgorgement amount is sizeable, [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-382620","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/382620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=382620"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/382620\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=382620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=382620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=382620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}