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SC dismisses Sebi's ₹25 cr penalty on Mukesh Ambani
Hindustan Times
|November 12, 2024
The Supreme Court on Monday dismissed a plea by the Securities and Exchange Board of India (Sebi) to impose a ₹25 crore penalty on Mukesh Ambani, chairman and managing director of Reliance Industries Ltd (RIL), over alleged share manipulation involving Reliance Petroleum Ltd (RPL) in November 2007.
Reliance Petroleum was merged into RIL in 2009.
"There is no question of law raised in the case. Dismissed," the court said.
A two-judge bench of Justices J.B. Pardiwala and R. Mahadevan agreed to hear Sebi's broader case against RIL on 2 December but declined to hold Ambani personally accountable for the alleged actions.
Sebi had challenged a Securities Appellate Tribunal (SAT) order from December 2023, which had overturned penalties totalling ₹70 crore on RIL, Ambani, Navi Mumbai SEZ, and Mumbai SEZ. The Supreme Court upheld SAT's decision, agreeing that the penalties should be set aside.
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