RIL to Appeal in Supreme Court Against SAT Ruling
CEOInsights Team, 0
SAT, by a 2:1 majority order, has dismissed RIL’s appeal against the SEBI order dated March 24, 2017, in the matter relating to the sale of Reliance Petroleum Ltd (RPL) shares by the company in November 2007, billionaire Mukesh Ambani-run firm said in a filing to the stock exchanges.
RIL said, “The Hon’ble SAT, by a 2:1 majority order, has today dismissed RIL’s appeal against SEBI order dated March 24, 2017, in the matter relating to the sale of RPL shares by the Company in November 2007.”
The Company will examine the order passed by the Hon’ble SAT
RIL has been in a feud with the market watchdog since 2007 against the latter’s allegation about fraudulent trading in the F&O space of RPL’s securities. Following which, the regulator in March 2017, had banned RIL and 12 of its promoter group entities from dealing in equity derivatives. Also, SEBI had asked RIL to disgorge about Rs. 447 crore along with interests.
Later, RIL had appealed against SEBI’s order in RPL case to SAT. RIL today said, “The Company will examine the order passed by the Hon’ble SAT.” The organization further added “All trades carried out by the Company were genuine and bona fide. No irregularity can be attached to these transactions. The Company reiterates that it has not violated any law or regulation while selling shares of RPL in November 2007”.
Going forward, RIL stated, under proper legal advice, will prefer an appeal to the Hon’ble Supreme Court of India and is confident of vindicating its position. On Sensex, RIL stock remained unaffected by the SAT verdict, as it was trading at Rs. 1957.10 per piece up 2.28 percent at around 1.12 pm. The stock has gained to the day’s high of Rs. 1959.85 per piece.