Mumbai: The Securities and Exchange Board of India has fined Reliance Industries Rs 25 crore. Promoters, including Mukesh Ambani, were fined. SEBI imposed a fine for failure to comply with the share takeover disclosures of the regulator. From March 1999 to March 2000, Reliance Promoters bought 6.83 percent stake. The company had not informed SEBI about this. Reliance did not make any public announcement regarding the purchase of shares. Meanwhile, Reliance shares rose on Wednesday. Reliance ended 0.9 percent higher.
“I note that no quantifiable figures or data are available on record to assess the disproportionate gain or unfair advantage and amount of loss caused to an investor or group of investors as a result of the default committed by the notice. However, the fact remains that the notices by their failure to make a public announcement, deprived the shareholders of their statutory rights to exit from the company,” the order said.
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