Navi Mumbai SEZ, and Mumbai SEZ. This case revolves around accusations of manipulative trades in Reliance Petroleum Ltd shares.
SEBI's penalties, imposed in January 2021, amounted to Rs25 crore on Reliance Industries and Rs15 crore on Mukesh Ambani.
Navi Mumbai SEZ was also directed to pay a penalty of Rs20 crore. All parties involved, including Ambani, Reliance Industries, and others, contested SEBI's order before SAT.
Justice Tarun Agarwala-led SAT bench announced the quashing of SEBI's 2021 order on Monday, with the possibility of penalties being returned to the appellants if deposited with SEBI.
The details of the ruling are yet to be released, providing a clearer understanding of its implications.
The case traces back to the sale and purchase of Reliance Petroleum Ltd shares in November 2007, involving both cash and futures segments. SEBI's allegations include manipulative trading and the circumvention of position limits by Reliance Industries.
Stay tuned for more insights as the detailed order unfolds, shedding light on the aftermath of this significant victory for Reliance Industries and Mukesh Ambani.
