Reliance Industries Limited (RIL) said it would appeal in the case to the Supreme Court after the petition filed against the SEBI order banning 12 entities of its promoter group was rejected by the Securities Appellate Tribunal (SAT) .
The company of billionaire businessman Mukesh Ambani gave this information to the stock market. Earlier in the order passed by a 2: 1 majority, the SAT had rejected RIL’s plea against Sebi’s March 24, 2017 order. The order was given by RIL in November 2007 in the case of the sale of shares of Reliance Petroleum Limited (RPL). The company will review the order passed by the set, RIL said. The statement further said, “All the deals done by the company were genuine and authentic. There was no irregularity in these transactions. RIL also stated that it did not violate any law or regulation in November 2007 while selling shares of RPL. The company said, “The company will appeal to the Honorable Supreme Court of India as per proper legal advice and is confident of being proved innocent.” Earlier, in its March 24, 2017 order, SEBI had barred 12 entities of RIL and its promoter group from trading in equity derivatives on charges of unfair trading practices. The securities market regulator had also ordered RIL to pay Rs 447 crore along with interest. RIL decided in March 2007 to sell a 4.1 per cent stake in Reliance Petroleum Limited (RPL), a listed subsidiary. Though it was later merged with RIL in 2009, the shares were first sold in the futures market and later in the spot market to prevent a fall in RPL shares.