RIL promoters to appeal against SEBI penalty

RIL promoters to appeal against SEBI penalty

Promoters of Reliance Industries Ltd will file an appeal with the Securities Appellate Tribunal against SEBI’s decision to impose a penalty of ₹25 crore on Mukesh Ambani family and firms linked to the promoter group for violation of takeover code regulations in 2000. "The promoter and promoter group have informed RIL that there has been no violation of Regulation 11(1) of the SEBI Takeover Regulations and they have complied with applicable laws; and an appeal will be preferred to the Securities Appellate Tribunal and they remain confident of vindicating their position", RIL said in stock exchange filings.

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