MUMBAI (Reuters) – An Indian tribunal on Friday set aside a fine of 250 million rupees ($3.04 million) by the markets watchdog on Reliance Industries for alleged violation of the country’s takeover rules.
In 2021, the Securities and Exchange Board of India (SEBI) levied the fine on the top shareholders of Reliance, including chairman Mukesh Ambani.
The Securities Appellate Tribunal (SAT) in the order said that the major shareholders of Reliance Industries did not violate takeover regulations.
“The imposition of penalty upon the appellant is without any authority of law. Consequently, the impugned order cannot be sustained and is quashed,” SAT said in the order.
A spokesperson for the company did not immediately respond to a Reuters’ request for comment.
($1 = 82.1971 Indian rupees)
(Reporting by Jayshree Upadhyay in Mumbai; Editing by Dhanya Ann Thoppil)
