The Supreme Court recently made significant rulings regarding SEBI's penalties against Reliance Industries Ltd and its promoters. In the first case, the court rejected SEBI's plea against the Securities Appellate Tribunal's decision to dismiss the market regulator's penalty of Rs 25 crore imposed on the promoters of Reliance Industries Ltd for violating takeover norms during a share issuance in 2000. This penalty was part of a series of fines imposed by SEBI in 2021 on 15 members of the Ambani family, including Mukesh Ambani and Anil Ambani, for breaching SEBI regulations on substantial acquisition of shares and takeovers.
Additionally, the Supreme Court dismissed SEBI's appeal against the appellate tribunal order to quash penalties imposed on RIL's Chairman and Managing Director Mukesh Ambani, Navi Mumbai SEZ, and Mumbai SEZ for their alleged involvement in the price manipulation of Reliance Petroleum shares in 2007. Despite this, the court did agree to hear Reliance Industries Ltd's appeal against the tribunal's order, showing a willingness to delve deeper into the case. The Supreme Court's stance seems to echo a sentiment of exhaustion with prolonged legal battles, as indicated by its statement, "Enough is enough! You cannot chase a person like this for 20 years," referring to the 30-year legal dispute over allegations related to RIL's promoters and the issuance of shares in 2000.