Deposit Rs 250 crore as per SAT order: Supreme Court to RIL

The Supreme Court on Thursday asked Reliance Industries (RIL) to deposit Rs 250 crore, which is 50% of the disgorged amount of Rs 447.27 crore, as ordered by the Securities Appellate Tribunal in a case related to the sale of Reliance Petroleum (RPL) shares by RIL in November 2007.

A Bench led by Justice DY Chandrachud, while admitting RIL’s appeal against the SAT order, said the company shall deposit Rs 250 crore within four weeks in the Investors’ Protection Fund in compliance with an order of the Securities and Exchange Board of India (Sebi), subject to the final result of the appeal. “There shall be a stay on the recovery of the balance, inclusive of interest, pending the appeal,” the apex court said in its interim order, while noting that RIL had complied with Sebi’s order for debarment from dealing in equity derivatives for one year.