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Mukesh Ambani fined Rs 70 crore in Reliance Petroleum case

Mumbai: The Securities and Exchange Board of India (SEBI) has fined Reliance Industries and its chairman Mukesh Ambani in a 14-year-old case of fraud in the sale of shares. The case is related to Reliance Petroleum Limited, which was merged with Reliance Industries in 2009. Reliance Industries Ltd has been fined Rs 25 crore, Mukesh Ambani Rs 15 crore, NaviMumbai Cess under Reliance Rs 20 crore, and Mumbai Cess Rs 10 crore. SEBI has found that Reliance Industries sold a nearly 5 percent stake in Reliance Petroleum in 2007, 10 minutes before the settlement, in a bid to push down prices in the futures segment.

Reliance has hired 12 agents for the deal, which was paid for by NaviMumbai and Mumbai Cess. According to SEBI, the agents later transferred the proceeds to Reliance Industries.  SEBI has fined investors for “interfering in the market”. In March 2017, Reliance Industries was fined Rs 447 crore in the case. Reliance, however, approached the Securities Appellate Tribunal against this. In November 2020, the tribunal dismissed the appeal. The company has since approached the Supreme Court.

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