SC junks Sebi's fine on Mukesh Ambani

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.

- Krishna Yadav

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.