Why Did SEBi Impose a Fine of $25 Crore on Mukesh Ambani, Reliance Industries? Find Out Why the Order Was Revoked

The Securities Appellate Tribunal (SAT) on Monday overturned the Sebi verdict fining billionaire Mukesh Ambani and his company Reliance Industries Ltd. in connection with the 2007 RPL case.

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Aside from RIL, the other two parties involved in this case are Navi Mumbai SEZ and Mumbai SEZ.

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Sebi fined Reliance Industries Ltd (RIL) ₹25 crore in January 2021, Ambani, the company’s chairman and managing director

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The complaint, which was first filed in 2007, concerns the buying and selling of Reliance Petroleum Limited (RPL).

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March 2007 saw RIL sell five percent of its shares in RPL, a listed Reliance company that amalgamated with RIL in 2009.

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Sebi pointed to a violation of takeover regulations in the ₹12 crore share sale.

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