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SC junks Sebi's fine on Mukesh Ambani
Mint Mumbai
|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.
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