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Journalism of Courage
The Securities Appellate Tribunal (SAT) has quashed the Securities and Exchange Board of India (SEBI) order against Reliance Industries Ltd Chairman and managing director Mukesh Ambani, Navi Mumbai Special Economic Zone and Mumbai SEZ in a case related to alleged manipulative trades in the shares of the erstwhile Reliance Petroleum Ltd.
The market regulator imposed a penalty of Rs 25 crore on Reliance Industries and Rs 15 crore on Ambani in January 2021. It had also asked Navi Mumbai SEZ to pay a penalty of Rs 20 crore. However, Ambani along with RIL and other entities had challenged the order before SAT.
The case pertains to the sale and purchase of RPL shares in the cash and futures segments in November 2007. Subsequently, Reliance had decided to sell a nearly 5 per cent stake in RPL, a listed subsidiary that was later merged with RIL in 2009.
