RIL to appeal in SAT against SEBI s Rs 25 crore fine on Mukesh Ambani
RIL to appeal in SAT against SEBI s Rs 25 crore fine on Mukesh Ambani
A couple of days ago, Sebi had fined Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani and other individuals and entities for non-compliance with takeover norms in a case dating back to 2000. RIL has now said that it will appeal in SAT against the market regulator s order.
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UPDATED: April 9, 2021 15:48 IST
RIL is set to challenge Sebi s order imposing a fine on Mukesh Ambani. (Photo: Reuters)
Reliance Industries Limited (RIL) chairman Mukesh Ambani is all set to challenge the Securities Board of Exchange’s (Sebi) order imposing a Rs 25 crore penalty for takeover violations. An appeal against the penalty will be filed in the Securities Appellate Tribunal (SAT).
No violation of SEBI Takeover Regulations: RIL promoter group
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No violation of SEBI Takeover Regulations: RIL promoter group
By IANS |
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Reliance. (File Photo: IANS). Image Source: IANS News
New Delhi, April 8 : The promoter group of Reliance Industries Limited (RIL) has informed the company that there has been no violation of SEBI Takeover Regulations and it has complied with the applicable laws.
The RIL promoter group has also said that an appeal will be referred to the Securities Appellate Tribunal and it remains confident of vindicating its position, as per an RIL filing.
As per a regulatory filing, RIL had issued debentures with convertible warrants in the year 1994 and allotted equity shares against the warrants in the year 2000.
Mukesh Ambani to appeal against SEBI penalty
Reliance Industries Ltd (RIL) had issued debentures with convertible warrants in 1994 and allotted equity shares against the warrants in 2000. This was when Dhirubhai Ambani was heading the undivided company.
Mukesh Ambani/ File
Reliance Industries Chairman Mukesh Ambani will appeal against the fine imposed by market regulator SEBI over alleged irregularities in a two-decade-old share issue in the company, the firm said on Thursday.
Reliance Industries Ltd (RIL) had issued debentures with convertible warrants in 1994 and allotted equity shares against the warrants in 2000. This was when Dhirubhai Ambani was heading the undivided company. SEBI had issued a show-cause notice in February 2011 (more than 11 years after the acquisition of shares) to then promoter and promoter group (as in the year 2000) alleging violation of takeover regulations, the company said in a stock exchange filing on Thursday.
Mukesh Ambani to challenge SEBI s Rs 25 crore fine in SAT
RIL said the promoter and promoter group have informed the company that there was no violation of takeover regulations and they had complied with the applicable laws.
BusinessToday.In | April 8, 2021 | Updated 19:58 IST
SEBI had slapped a fine of Rs 25 crore on Mukesh Ambani and others for non-compliance with takeover norms in a case dating back to 2000.
Reliance Industries Ltd (RIL) CMD Mukesh Ambani will challenge in the Securities Appellate Tribunal (SAT) the SEBI order imposing Rs 25 crore fine for violation of takeover regulations.
On Wednesday, the Securities and Exchange Board of India had fined Ambani, Anil Ambani, Nita Ambani, Tina Ambani and other individuals and entities for non-compliance with takeover norms in a case dating back to 2000.
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