The Securities Appellate Tribunal (SAT) set aside an April 2021 order passed by Securities And Exchange Board of India (SEBI) that had levied a Rs 25 crore penalty on the promoters of Reliance Industries Limited (RIL) alleging violation of Takeover Regulations in the year 2000, after holding that the company had not violated the regulation.
RIL promoters didn’t violate takeover regulations says SAT, quashes SEBI order
The Securities Appellate Tribunal (SAT) set aside an April 2021 order passed by Securities And Exchange Board of India (SEBI) that had levied a Rs 25 crore penalty on the promoters of Reliance Industries Limited (RIL) alleging violation of Takeover Regulations in the year 2000, after holding that the company had not violated the regulation.