A file photo of Reliance Industries Chairperson Mukesh Ambani. | Prakash Singh/AFP
The Securities and Exchange Board on Saturday imposed penalties on Reliance Industries Limited, its Chairperson Mukesh Ambani and two other entities for allegedly manipulating share trading of Reliance Petroleum Limited in November 2007. The other two companies are Navi Mumbai SEZ and Mumbai SEZ.
Reliance Industries Limited, or RIL, and Ambani were fined Rs 25 crore and 15 crore, respectively. Mumbai SEZ was asked to pay 10 crore, while Navi Mumbai SEZ was penalised Rs 20 crore.
The case is related to the sale and purchase of Reliance Petroleum shares in future and cash segments in November 2007. This followed RIL’s decision to sell 4.1% stake in the Reliance Petroleum Limited, or RPL, which later merged into RIL in 2009.