Supreme Court orders 250cr returned, imposes 25cr fine on Reliance
The Supreme Court just gave Reliance Industries a bit of a breather in a long-running market manipulation case from 2007.
While the court scrapped the disgorgement component of the Securities Appellate Tribunal's order of ₹447.27 crore plus 12% annual interest and told them to return ₹250 crore to Reliance, it didn't let the company off the hook entirely: Reliance still has to pay a ₹25 crore fine for manipulative trading.
SEBI accused Reliance of insider trading
Back in 2017, SEBI accused Reliance and its promoter group of insider trading and manipulating shares of Reliance Petroleum.
The case dragged on for years, with the tribunal backing SEBI and slapping on big penalties—including a one-year derivatives ban and hefty interest charges.
Now, after this Supreme Court decision, Reliance gets some relief but not a total clean slate.