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Tuesday, December 01, 2020

RPL case: Tribunal dismisses RIL plea against Sebi order

The tribunal, by a 2:1 majority order, on Thursday dismissed the appeal filed by Reliance Industries Ltd (RIL) against the Securities and Exchange Board of India (Sebi) order dated March 24, 2017, in the matter relating to the sale of RPL shares by RIL in November 2007.

By: ENS Economic Bureau | New Delhi | Updated: November 6, 2020 3:37:09 am
A copy of the order was sent to the Jhajjar SP for necessary action. (Representational Image)

The Securities Appellate Tribunal (SAT) has dismissed an appeal by RIL challenging the Rs 447 crore disgorgement order passed by market regulator Sebi in a case relating to Reliance Petroleum (RPL).

The tribunal, by a 2:1 majority order, on Thursday dismissed the appeal filed by Reliance Industries Ltd (RIL) against the Securities and Exchange Board of India (Sebi) order dated March 24, 2017, in the matter relating to the sale of RPL shares by RIL in November 2007. “The company, under proper legal advice, will prefer an appeal to the Supreme Court and is confident of vindicating its position,” RIL said in filing on Thursday.

“Appellant No 1 (RIL) is directed to make payment of the disgorged amount of Rs 447.27 crore along with simple interest calculated at the rate of 12 per cent per annum with effect from November 29, 2007 till the actual date of payment to Sebi within 60 days from the date of this order,” tribunal said in its order.

On the delay in passing the order, the SAT said, “We would also like to state that preparing and finalizing this order took some time on account of the unexpected closure of the office of this Tribunal and other major disruptions on account of the Covid-19 pandemic, voluminous documents, including extensive written submissions, as well as differences of views within the three-member Bench.”

RIL said it will examine the SAT order. “All trades carried out by the company were genuine and bona fide. No irregularity can be attached to these transactions. The company reiterates that it has not violated any law or regulation while selling shares of RPL in November 2007,” it said. In its 2017 order, Sebi had directed RIL to disgorge Rs 447 crore along with interest and barred RIL and 12 of its promoter group entities from dealing in equity derivatives.

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