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SEBI imposes Rs 25 crore fine on Ambani's in 2000 case English.Lokmat.com

SEBI imposes Rs 25 crore fine on Ambani's in 2000 case

The Securities and Exchange Board of India (SEBI) has cracked down on Reliance Industries chief Mukesh Ambani, his wife ...
SEBI imposes Rs 25 crore fine on Ambani's in 2000 case


The Securities and Exchange Board of India (SEBI) has cracked down on Reliance Industries chief Mukesh Ambani, his wife Nita Ambani, Anil Ambani and his wife Tina Ambani.

The Ambani family has been fined Rs 25 crore in a 21-year-old case. The action has been taken against Reliance Industries for not informing SEBI even after purchasing more than five per cent of its shares.

In its 85-page chargesheet, SEBI said that the promoters of Reliance Industries had not properly informed SEBI about their involvement in the company. Mukesh and Anil Ambani, his promoters Nita and Tina, and firms linked to the Ambanis for alleged violation of the takeover code regulations in 2000.

The promoter of Reliance Industries failed to provide details of its purchase of 6.83 per cent stake in 2000.

However, as per the rules, if more than five per cent of the shares are purchased, it has to be reported to SEBI.

Meanwhile, in 2005, the business was divided among the Ambani brothers. After that, Reliance Industries, which is involved in the petroleum business, went to Mukesh Ambani.

Other Reliance companies were owned by Anil Ambani.

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