Mukesh Ambani Got Relief: Securities Appellate Tribunal (SAT) quashes market regulator SEBI's 2021 order against Reliance Industries Ltd Managing Director Mukesh Ambani, Navi Mumbai SEZ and Mumbai SEZ Is. This penalty was imposed on Mukesh Ambani and SEZ in the case related to alleged manipulation in the shares of Reliance Petroleum Limited.
On Monday, a bench led by Justice Tarun Agarwal said that "SEBI's order 2021 is cancelled. If the fine has been deposited with SEBI then it should be returned to the appellants." According to the news of Livemint, the detailed order is still awaited.
What's the whole matter
Securities and Exchange Board of India-Securities and Exchange Board of India (SEBI) in January 2021 had imposed a fine of Rs 25 crore on Reliance Industries and Rs 15 crore on Mukesh Ambani. Apart from this, Navi Mumbai SEZ was also asked to pay a fine of Rs 20 crore. After this, Mukesh Ambani along with RIL and other institutions challenged the order of SEBI by filing an appeal before SAT."text-align: justify;">Read this also
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