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Vijay Thosani belongs to the small district of Amreli in Gujarat. His father used to run a small shop selling cutlery items. From early on, Vijay harboured dreams of entrepreneurship and making it big, especially as that would help his father and the business.
In 1984, with Rs 1,200 in hand, he set up a small unit to manufacture electric cables. Vijay tells SMBStory that he had bigger dreams and therefore, he soon shut shop and moved to Silvassa in Dadra and Nagar Haveli to do something bigger.
Along with his friends Babubhai Rudani, Vijay started
Noble Polymers in 1995, which used to manufacture high-density polyethylene pipes (HDPE). HDPE pipes are especially known for their chemical tolerance and anti-corrosion properties.
Sebi fines Reliance Industries, Mukesh Ambani, two other entities
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RIL didn’t respond to queries but has challenged an earlier Sebi order in the matter in the Supreme Court.
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MUMBAI: The Securities and Exchange Board of India (Sebi) penalised Reliance Industries Ltd (RIL) and its chairman and managing director Mukesh Ambani as well as two other entities for their alleged role in carrying out manipulative trades in Reliance Petroleum Ltd (
RIL didn’t respond to queries but has challenged an earlier Sebi order in the matter in the Supreme Court.
In its Friday order, the regulator imposed a penalty of Rs 25 crore on RIL and Rs 15 crore on Ambani. It also fined Navi Mumbai SEZ Rs 20 crore and asked Mumbai SEZ to pay Rs 10 crore in connection with the case. RPL was absorbed by RIL in 2009.
SEBI Imposes Rs70 Crore Penalty on Reliance Industries, Mukesh Ambani for Fraudulent Trading in F&O of RPL in 2007
Moneylife Digital Team
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Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs70 crore on Reliance Industries Ltd (RIL), the company chairman Mukesh Ambani, Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd, for fraudulent trading in the futures & options (F&O), or derivatives, space in Reliance Petroleum Ltd (RPL). This is in addition to a previous order for disgorgement of nearly Rs1,000 crore with interest, which was upheld by the Securities Appellate Tribunal (SAT) and is now being challenged in the Supreme Court by RIL.