Mukesh Ambani to move SAT against Sebi fine

mukesh ambani to move sat against sebi fine

Sumary of Mukesh Ambani to move SAT against Sebi fine:

  • Reliance Industries (RIL) chairman Mukesh Ambani will file an appeal before the Securities Appellate Tribunal (SAT) against the penalty imposed by capital markets regulator Sebi over alleged takeover violations in a 21-year-old share issue in the company..
  • There has been no violation of Sebi takeover regulations and the promoters have complied with applicable laws, RIL said in a stock exchange filing..
  • The promoters informed RIL that they will appeal to SAT and they remain confident of vindicating their position, RIL added in the filing..
  • Sebi had imposed a fine of Rs 25 crore collectively on multiple promoter entities including Ambani and his wife Nita for not complying with takeover norms in an RIL share issue that dates back to 2000..
  • According to Sebi, rules require promoter entities to make an open offer to minority investors if they acquire more than 5% in the company….

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