Rapping Securities and Exchange Board of India (SEBI) for imposing an Rs25 crore penalty on the Ambani family and several promoter entities of Reliance Industries Ltd (RIL) without any authority of law, the Securities Appellate Tribunal (SAT) set aside an order passed by SEBI.
A Securities and Exchange Board of India (Sebi) order on a 21-year-old matter has put the spotlight on whether its probe or action should be timebound.
The market regulator on Wednesday imposed a penalty of Rs 25 crore on Reliance Industries Ltd (RIL) chief Mukesh Ambani, his younger brother Anil Ambani and others, including persons acting in concert (PAC), for non-compliance with the regulator’s takeover rules.
However, the case dates back to 2000 when Dhirubhai Ambani was the chairman of undivided Reliance, which split in 2005.
The capital markets regulator also penalised Mukesh’s wife Nita Ambani, Anil’s wife Tina Ambani, K.D. Ambani and some family members.
Updated Apr 08, 2021 | 08:45 IST
RIL s promoters and Persons Acting in Concert (PAC) failed to disclose the acquisition of more than 5 per cent stake in the company way back in 2000, Sebi said in its 85-page order. SEBI imposes fine of Rs 25 crore on Ambani brothers, others in 20 years-old case | Photo Credit: PTI
Market regulator Securities & Exchange Board of India (SEBI) imposed a fine of Rs 25 crore on Ambanis and other individuals and entities for non complying with takeover rules in a Reliance Industries Ltd (RIL) case that dates back to 2000.
Those penalised by the regulator include Mukesh Ambani, Nita Ambani, Anil Ambani, Tina Ambani, KD Ambani and other members of the Ambani clan.
21 Years After: SEBI Imposes Rs25 crore Joint Penalty on Ambani Family & Reliance Promoter Entities for Violation of Takeover Norms moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.