In a case involving alleged manipulative trades in the shares of the former Reliance Petroleum Ltd., the Securities Appellate Tribunal (SAT) has quashed the Securities and Exchange Board of India (SEBI) order against Reliance Industries Ltd. Chairman and Managing Director Mukesh Ambani, Navi Mumbai Special Economic Zone, and Mumbai SEZ.
In January 2021, the market regulator fined Reliance Industries Rs 25 crore and Ambani Rs 15 crore. Additionally, it had demanded that Navi Mumbai SEZ pay a penalty of Rs 20 crore. But Ambani had contested the ruling before SAT, along with RIL and other organizations.
The complaint concerns the November 2007 sales and purchases of RPL shares in the cash and futures markets. Afterwards, Reliance made the decision to divest around five percent of its shares in RPL, a publicly traded company that amalgamated with RIL in 2009.
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