RIL seeks to file RPL case at SC as SAT today dismisses appeal against Sebi order; Stock gains 2%

Reliance Petroleum (RPL) is a subsidiary of RIL.

Nov 05, 2020 07:11 IST India Infoline News Service

After a long haul, the Securities Appellate Tribunal (SAT) has announced its verdict in more than a decade-old Reliance Petroleum (RPL) case. However, SATs latest verdict comes as a blow to Mukesh Ambani-backed Reliance Industries (RIL). RPL is a subsidiary of RIL.

On Thursday, RIL said, "The Hon’ble SAT, by a 2:1 majority order, has today dismissed RIL’s appeal against SEBI order dated March 24, 2017, in the matter relating to the sale of RPL shares by the Company in November 2007."

RIL has been in a feud with the market watchdog since 2007 against the latter's allegation about fraudulent trading in the F&O space of RPL's securities.

Following which, the regulator in March 2017, had banned RIL and 12 of its promoter group entities from dealing in equity derivatives. Also, Sebi had asked RIL to disgorge about Rs447cr along with interests.

Later, RIL had appealed against Sebi's order in RPL case to SAT.

RIL today said, "The Company will examine the order passed by the Hon’ble SAT."

RIL reiterates saying, "All trades carried out by the Company were genuine and bona fide. No irregularity can be attached to these transactions. The Company reiterates that it has not violated any law or regulation while selling shares of RPL in November 2007."

Going forward, RIL has said, under proper legal advice, will prefer an appeal to the Hon’ble Supreme Court of India and is confident of vindicating its position.

On Sensex, RIL stock remained unaffected by the SAT verdict, as it was trading at Rs1957.10 per piece up 2.28% at around 1.12 pm. The stock has gained to the day's high of Rs1959.85 per piece.

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