Mukesh Ambani to challenge SEBI's Rs 25 crore fine in SAT
Mukesh Ambani to challenge SEBI's Rs 25 crore fine in SAT Reliance Industries Ltd (RIL) CMD Mukesh Ambani will challenge in the Securities Appellate Tribunal (SAT) the SEBI order imposing Rs 25 crore fine for violation of takeover regulations. On Wednesday, the Securities and Exchange Board of India had fined Ambani, Anil Ambani, Nita Ambani, Tina Ambani and other individuals and entities for non-compliance with takeover norms in a case dating back to 2000. RIL had issued debentures with convertible warrants in the year 1994 and allotted equity shares against the warrants in the year 2000. SEBI had issued a show cause notice in February 2011 to the then promoter and promoter group (as in the year 2000) alleging violation of Regulation 11(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, RIL said in an exchange filing. Also read: SEBI fines Mukesh Ambani, Anil Ambani, others Rs 25 crore on RIL shareholding irr...