SC ends contempt case against SEBI in fraud case against Mukesh Ambani's Reliance Industries
The case was filed by SEBI based on a complaint received in 2002, about Reliance allegedly using other entities to fund purchase of its own share.
Reliance Industries Limited, India's largest conglomerate led by Mukesh Ambani, had been accused of buying its own shares by funding 38 entities in 2020 by the Securities and Exchanges Board. The matter of this alleged violation by the oil to telecom behemoth, has reached the apex court, where the market regulator had earlier been told to provide documents related to the case and charged with contempt of court. Now the Supreme Court has closed that contempt case, after Reliance confirmed that it has received the necessary papers.
SEBI had been ordered to share copies of two legal opinions by former SC judge B.N. Srikrishna on August 5, since he had been consulted as a legal expert. The court had also directed the regulator to provide chartered accountant Y.H. Malegam's report, prepared after he examined Reliance's records.
SEBI had received a complaint about Reliance's alleged violation back in 2002. The complainant specified that RIL had allotted 120 million shares to parties linked to the promoters, fraudulently. Hence the firm and directors had violated Section 77 of the Companies Act, 1956, which restricts a company's ability to buy its own shares.
SEBI was represented in court by K.K. Venugopal who had asked for more time from the court in the last hearing. But the SC, had dismissed the SEBI's review petition in its order on October 19.
Published on: Friday, December 02, 2022, 09:00 PM ISTRECENT STORIES
-
Daily Horoscope for Monday, April 29, 2024, for all zodiac signs by astrologer Vinayak Vishwas... -
Madhya Pradesh: Diarrhoea Outbreak In Burhanpur Two Kids Die, Over 100 FallĀ Ill -
Mumbai: BMC To Axe 316 Trees To Build Service Road Beneath Eastern Freeway In SoBo -
Madhya Pradesh: Man Found Dead On Railway Track In Satna -
'To Beat Traffic, Heat, Concretise Roads At Night: IIT-B To BMC