RPL case: SC dismisses SEBI’s appeal against Mukesh Ambani’s Reliance
Reliance Industries, MD Mukesh Ambani, the Navi Mumbai Special Economic Zone and the Mumbai SEZ. The case was related to alleged manipulative trades in shares of the erstwhile Reliance Petroleum (RPL).
In January 2021, Sebi had imposed a penalty of Rs 25 crore on RIL and Rs 15 crore on Ambani. It had also asked the Navi Mumbai SEZ to pay a penalty of Rs 20 crore.
RPL was absorbed into RIL in 2009.
Sebi had observed that a resolution was passed on March 29, 2007, approving an operating plan for the year 2007-2008 and resource requirements for the subsequent two years i.e. about Rs. 87,000 crore. Thereafter, RIL decided to sell about 5% of its shareholding in November 2007.
The regulator had said RIL appointed 12 agents to undertake transactions in the November 2007 RPL Futures. The settlement period was November 1, 2007 to November 29, 2007.
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