There was a relief news for Reliance Industries (RIL) Chairman Mukesh Ambani on Monday. The order issued by SEBI against him on charges of rigging the shares of Reliance Petroleum has been canceled by the Securities Appellate Tribunal (SAT). With this order, Mukesh Ambani and his company have got a big relief.
On Monday, SAT overturned the 2021 order of market regulator SEBI against the Navi Mumbai Special Economic Zone (SEZ) of Mukesh Ambani and his group (Reliance) in a case related to alleged manipulation of shares.
Relief from fine worth crores
In January 2021, SEBI had imposed a fine of Rs 25 crore on Reliance Industries, Rs 15 crore on Chairman Mukesh Ambani and Rs 20 crore on Navi Mumbai SEZ on charges of stock manipulation.
An appeal was filed in SAT on behalf of Mukesh Ambani, on which this decision has been taken. Ambani and his company got relief from fine worth crores.
SEBI’s order of 2021 is being cancelled. If the fine amount has been deposited with SEBI, it should be returned to the petitioners.
SAT
SAT rejected SEBI’s findings
The case is of November 2007 and is related to the buying and selling of shares of Reliance Petroleum (RPL) in the cash and future segment. SEBI said that Reliance Industries had manipulated the shares to sell 5% stake of RPL. Let us tell you that in 2009 RPL was merged with Reliance Industries.
SAT, during its hearing, rejected SEBI’s (Adjudicating Officer) finding that Ambani and Navi Mumbai SEZ had prior knowledge of trades involving Reliance Petroleum shares.
