Reliance Industries Ltd (RIL) on Thursday said it will appeal in the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India’s (Sebi) penalty of ₹25 crore on its chairman and managing director Mukesh Ambani.
“There has been no violation of Regulation 11(1) of the Sebi Takeover Regulations and they have complied with applicable laws. An appeal will be preferred to the Securities Appellate Tribunal and they remain confident of vindicating their position,” the conglomerate said in a filing with BSE.
On Wednesday, the markets regulator had fined Mukesh Ambani, Anil Ambani, Kokilaben Ambani, Nita Ambani, Tina Ambani, Reliance Industries Holding, Reliance Realty and others in connection with failure to comply with the regulator’s takeover code regulations.