SC rejects RIL plea against ₹30L fine for not disclosing Jio-FB deal

The Supreme Court on Tuesday upheld the Securities and Exchange Board of India’s (Sebi’s) decision to fine Reliance Industries Limited (RIL) ₹30 lakh for failing to make timely disclosures about Facebook's investment in Jio Platforms after details of the deal appeared in the media.

- BHAVINI MISHRA

A bench of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi dismissed RIL’s appeal against the Securities Appellate Tribunal’s (SAT’s) order confirming the penalty, observing that the matter involved factual findings and did not raise any substantial question of law. "In our considered view, the conclusion drawn by Sebi with respect to the violation of the 2015 regulation, whereby there is a statutory embargo on insider

THE COURT OBSERVED THAT THE MATTER INVOLVED FACTUAL FINDINGS AND DID NOT RAISE ANY SUBSTANTIAL QUESTION OF LAW