BUSINESS
In December 2023, SAT had quashed Sebi's 2021 order against Reliance, Mukesh Ambani, Mumbai SEZ and the Navi Mumbai SEZ.
In a relief to Reliance Industries chairman Mukesh Ambani, the Supreme Court has dismissed a plea by Sebi to impose a Rs 25 crore penalty on him, Mint reported. The case is related to an alleged share manipulation involving Reliance Petroleum Ltd (RPL) in November 2007. RPL was merged into Rreliance Industries in 2009.
In January 2021, Sebi had imposed a penalty of Rs 25 crore on Reliance and Rs 15 crore on Ambani. It had also asked the Navi Mumbai SEZ to pay a penalty of Rs 20 crore. However, in December 2023, the Securities Appellate Tribunal (SAT) had quashed the markets regulator's 2021 order against Reliance, Ambani, Mumbai SEZ and the Navi Mumbai SEZ.
"There is no question of law raised in the case. Dismissed," the court said. It added that the case must be closed regarding Ambani, but agreed to hear Sebi’s appeal against Reliance Industries Ltd (RIL) on December 2.
“What erroneous interpretation you found with Sec 15 (h). 30 yrs of litigation…this is a long time.. no question of law is involved,” a bench led by Justice JB Paridiwala said. Meanwhile, Reliance is still the most valuable firm in India with a market cap of Rs 17.23 lakh crore.
READ | Azim Premji buys stakes worth Rs 4757 crore in Rs 297000 crore company
Russia plans to boost birth rate with 'Ministry of Sex', here's how
Jharkhand HC issues notice to MS Dhoni in business deal case, asks him to...
IND vs SA, 3rd T20I Dream11 prediction: Fantasy cricket tips for India vs South Africa match
Meet IAS officer, aka 'Collector Bro', who cracked UPSC exam in 2007, now suspended due to...
Here’s why Chunky Panday wouldn’t stay in Shah Rukh Khan’s house in London
Yash's Toxic in trouble? FIR filed against producers of KGF star's upcoming actioner for illegal...
Meet Dr Priti Challa, Kangana Ranaut film director Krish Jagarlamudi's second wife, she leads...
Yaariyan actor Himansh Kohli ties the knot with mystery girl in Delhi temple, first wedding pics out
‘Sometimes I wish I was more tough, more thick-skinned,’ says Aishwarya Rai in viral video
KL Rahul sweats hard in Perth nets ahead of BGT series, WATCH video here
Shahid Kapoor, wife Mira Kapoor rent out their Rs 580000000 luxury Mumbai apartment for Rs...
South Korean actor Song Jae-rim dies at 39 in Seoul apartment
Viral video: Thar SUV gets stuck on railway track after man tries to shoot reel, watch here
Elon Musk's new X post claims Putin must not be blamed for Russia-Ukraine war, instead names…
Fabulous Lives vs Bollywood Wives fame Shalini Passi reveals 'Mom used chilli powder in my...'
My experiences with dating apps
Zomato CEO Deepinder Goyal reveals how company got its name, says 'we wanted…'
Key Differences Between the Indian Stock Market and Global Indices
Stock prices vs company valuation: Is your stock worth it?
Navjot Singh Sidhu is back on Kapil Sharma's show after five years, but there's a twist
Mukesh Ambani set to invest Rs 65000 crore in THIS Indian state, it will be Reliance's biggest...
Mohammed Shami to return to competitive cricket; star pacer set to play for…
Makoons World School brings a new approach to K-12 education across India
Pakistan Cricket looking to take BIG step on Champions Trophy issue, planning to...
Did Isha Ambani lend Neetu Kapoor her Navratna necklace? Reddit users react
J-K: Gunfight underway between security forces and terrorists in Bandipora
Viral video shows women as 'live mannequins' in mall, sparks fury; WATCH
As Vistara bids goodbye, Air India-Vistara's first flight takes off from Mumbai to...
GATE 2025 Schedule: Exams to begin from February 1; Check full timetable here
CBSE announces BIG changes in Class 10,12 board exams 2025, know details here
Veteran Bengali actor Manoj Mitra dies at 86
Isha Ambani graces Diwali party as she walks with her twins, husband, WATCH
Donald Trump plans to pick Marco Rubio as US Secretary of State: Report
Vadodara IOCL refinery fire: Death toll rises to 2; probe underway
Shah Rukh Khan death threat: Mumbai police arrest accused from Chhattisgarh's Raipur
Delhi reports record high chikungunya, malaria cases in 5 years
Japan's Nara deer's polite bow to Indian woman leaves netizens in awe, WATCH
Meet MS Dhoni’s sister Jayanti Gupta who works as teacher, is married CSK star's...
Pakistani TikTok star Minhal Malik's popularity soars in India, sees unprecedented 100-time surge
Seo Hyun Jin dramatically apologises to BTS ARMY, says 'I know a lot of...'
Amid threats of violent protests, Brampton Triveni temple cancels event
Mike Waltz, India caucus head, named Donald Trump's National Security Advisor
Mukesh Khanna returns as Shaktimaan, 90s kids dance with joy
This Indian man owns a train, he's not Mukesh Ambani, Gautam Adani, has net worth of...
SSC CHSL Exam 2024 admit cards to be released today at ssc.gov.in; get direct link here
‘He will play his last game in…’: CSK CEO provides massive update on MS Dhoni’s IPL future