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AAA The Securities Appellate Tribunal (SAT) has asked markets regulator Sebi to pass final order in six months in a case related to CG Power and Industrial Solutions, wherein the company s ex-chairman Gautam Thapar and three other former officials were banned from the securities market. Besides Thapar, the other officials banned were CG Power former chief financial officer V.R. Venkatesh and former directors Madhav Acharya and B Hariharan. The SAT ruling comes after Thapar, Hariharan and others moved to the tribunal against a Sebi confirmatory order passed in March 2020, whereby it had barred Thapar, Venkatesh, Acharya and Hariharan from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, till further orders .
Mukesh Ambani to move SAT against Sebi fine
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Mukesh Ambani to move SAT against Sebi fine
TNN / Updated: Apr 9, 2021, 11:10 IST
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MUMBAI: Reliance Industries (RIL) chairman Mukesh Ambani will file an appeal before the Securities Appellate Tribunal (SAT) against the penalty imposed by capital markets regulator Sebi over alleged takeover violations in a 21-year-old share issue in the company.
There has been no violation of Sebi’s takeover regulations and the promoters have complied with applicable laws, RIL said in a stock exchange filing. The promoters informed RIL that they will appeal to SAT and they remain confident of vindicating their position, RIL added in the filing.
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A Securities and Exchange Board of India (Sebi) order on a 21-year-old matter has put the spotlight on whether its probe or action should be timebound.
The market regulator on Wednesday imposed a penalty of Rs 25 crore on Reliance Industries Ltd (RIL) chief Mukesh Ambani, his younger brother Anil Ambani and others, including persons acting in concert (PAC), for non-compliance with the regulator’s takeover rules.
However, the case dates back to 2000 when Dhirubhai Ambani was the chairman of undivided Reliance, which split in 2005.
The capital markets regulator also penalised Mukesh’s wife Nita Ambani, Anil’s wife Tina Ambani, K.D. Ambani and some family members.
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