Updated Apr 08, 2021 | 19:30 IST
The fine had been imposed for not making regulatory disclosures when they collectively raised their shareholding in Reliance by 6.83% by subscribing to a January 2000 issue. Reliance to appeal in SAT against Sebi fine on Mukesh Ambani
New Delhi: 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. There has been no violation of Regulation 11(1) of the SEBI Takeover Regulations and they have complied with applicable laws. An appeal will be preferred to the Securities Appellate Tribunal and they remain confident of vindicating their position, RIL said in a stock exchange filing.
Mukesh Ambani to appeal against SEBI penalty
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Mukesh Ambani to challenge SEBI s Rs 25 crore fine in SAT
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Govt notifies tribunals reforms bill through ordinance
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Last Updated: Apr 05, 2021, 03:34 PM IST
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Synopsis
In the Cinematograph Act, the appellate body will now be the High Court instead of the tribunal, while in the Copyright Act, commercial court or the commercial division of the High Court has been made the appellate body instead of appellate Board. Similarly, the High Court will replace the Board in the Patents Act and Trade Marks Act.
Agencies
Bill brings into effect dissolution of several appellate bodies and transferring their functions to judicial bodies.
The government Monday enacted the law on tribunal reforms bringing into effect dissolution of several appellate bodies and transferring their functions to judicial bodies.