SEBI fines Mukesh Ambani, Anil Ambani, others Rs 25 crore on RIL shareholding irregularities
SEBI imposed a fine of Rs 25 crore on Mukesh Ambani, Anil Ambani, Kokilaben Ambani, Nita Ambani, Tina Ambani, Reliance Industries Holding, Reliance Realty and others
BusinessToday.In | April 8, 2021 | Updated 00:14 IST
Securities and Exchange Board of India (SEBI) has slapped a penalty of Rs 25 crore on Mukesh Ambani, Anil Ambani, and nine other individuals and entities in connection with irregularities in shareholding emerging from violation of regulator s takeover code regulations.
Back in January 2020, promoter stake in Reliance Industries increased by 6.83 per cent after conversion of 3 crore warrants issued in 1994. However, it was alleged that the promoter group failed to make an open offer in accordance with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997.