The Securities Appellate Tribunal (SAT) has overturned the 2021 Securities and Exchange Board of India (SEBI) order against Mukesh Ambani, Reliance Industries, Navi Mumbai SEZ, and Mumbai SEZ in a case involving alleged manipulative trades in Reliance Petroleum Ltd shares.
SEBI had fined Reliance Industries Rs25 crore, Mukesh Ambani Rs15 crore, and imposed a Rs20 crore penalty on Navi Mumbai SEZ in January 2021.
Challenging the decision, Ambani, RIL, and other entities approached SAT. On Monday, Justice Tarun Agarwala’s bench quashed SEBI’s 2021 order, stating that if penalties were deposited, they must be returned to the appellants.
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The SAT held that RIL, including the Ambani brothers, had ‘not violated’ any part of the Sebi Substantial Acquisition of Shares and Takeovers (SAST) regulations. A detailed order is awaited.
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