RIL to appeal in SAT against SEBI's Rs 25 crore fine on Mukesh Ambani

A couple of days ago, Sebi had fined Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani and other individuals and entities for non-compliance with takeover norms in a case dating back to 2000. RIL has now said that it will appeal in SAT against the market regulator's order.

Reliance Industries Limited (RIL) chairman Mukesh Ambani is all set to challenge the Securities Board of Exchange’s (Sebi) order imposing a Rs 25 crore penalty for takeover violations. An appeal against the penalty will be filed in the Securities Appellate Tribunal (SAT). A couple of days ago, the market regulator had fined Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani and other individuals and entities for non-compliance with takeover norms in a case dating back to 2000. “Reliance Industries Limited (RIL) had issued debentures with convertible warrants in the year 1994 and allotted equity shares against the warrants in the year 2000. SEBI had issued a show cause notice in February 2011 (more than 11 years after the acquisition of shares) to the then promoter and promoter group (as in the year 2000) alleging violation of Regulation 11(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997,” RIL added.