Sebi bans Reliance Industries from equity trading, company to challenge order - Hindustan Times
close_game
close_game

Sebi bans Reliance Industries from equity trading, company to challenge order

New Delhi | ByPress Trust of India
Mar 24, 2017 11:06 PM IST

The trades were carried out keeping the best interest of the company and its shareholders in view, the company statement noted.

Reliance Industries on Friday said it will challenge the Sebi order in the Reliance Petroleum case before the Securities Appellate Tribunal, terming the regulator’s directions as “unjustifiable sanctions”.

According to the company, the trades in Reliance Petroleum Ltd (RPL) that were examined by Sebi were genuine and bona fide transactions.(Reuters/ File Photo)
According to the company, the trades in Reliance Petroleum Ltd (RPL) that were examined by Sebi were genuine and bona fide transactions.(Reuters/ File Photo)

In a 10-year-old case, Sebi banned Reliance Industries and 12 others from equity derivatives trading for one year and directed the Mukesh Ambani-led firm to disgorge nearly Rs 1,000 crore for alleged fraudulent trading.

Hindustan Times - your fastest source for breaking news! Read now.

“We are in the process of consulting our legal advisors. We propose to prefer an appeal and challenge the order in the Securities Appellate Tribunal. We remain confident of fully justifying the veracity of the transactions and vindicating our stand,” Reliance Industries said in a statement.

According to the company, the trades in Reliance Petroleum Ltd (RPL) that were examined by Sebi were genuine and bona fide transactions.

The trades were carried out keeping the best interest of the company and its shareholders in view, the statement noted.

“Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions,” the statement said.

Noting that it has “full confidence” in the judicial process, Reliance Industries said, “We propose to vigorously exercise all options available to us to challenge the untenable findings in the order.”

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, March 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On