RIL promoters to move SAT against Sebi’s Rs 20 crore penalty

Mumbai: Reliance Industries Limited (RIL) on Thursday said its promoter and promoter group plan to move the Securities Appellate Tribunal(SAT) against the Sebi order imposing Rs 25 crore penalty on them.

“The promoter and promoter group have informed RIL that there has been no violation of Regulation 11(1) of the SEBI Takeover Regulations and they have complied with applicable laws and an appeal will be preferred to the Securities Appellate Tribunal and they remain confident of vindicating their position,” RIL said in a stock exchange filing.

Market regulator Sebi on Wednesday imposed a total penalty of Rs 25 crore on current and former promoters of RIL, including Mukesh Ambani, Anil Ambani, their mother, spouses and children, other family members and entities linked to them for alleged violation of takeover rules.