Securities Appellate Tribunal (SAT) has overturned the decision made by the Securities and Exchange Board of India (Sebi) against Mukesh Ambani and his company Reliance Industries (RIL). The order accused them of engaging in trades that influenced the prices of Reliance Petroleum (RPL) stock back in 2007. SAT has revoked the penalties imposed on RIL, Ambani, Navi Mumbai SEZ, and Mumbai SEZ, which amounted to a total of Rs 70 crore.
New Delhi, Dec 4 (PTI) The Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Sebi on Reliance Industries Ltd's Chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007.