Tribunal quashes SEBI’s Rs 25-crore fine on Ambanis

New Delhi, July 28

The Securities Appellate Tribunal (SAT) on Friday set aside a SEBI order that imposed a Rs 25 crore penalty on industrialists Mukesh Ambani, Anil Ambani and other entities for non-compliance with takeover norms in Reliance Industries case.

The order came after Ambanis appealed in the appellate tribunal against the capital markets regulator’s directive. “We find that the appellant has not violated … the SAST (Substantial Acquisition of Shares and Takeovers) Regulations. The imposition of penalty upon the appellant is without any authority of law. Consequently, the impugned order cannot be sustained and is quashed,” the appellate tribunal said.

Noting that the penalty amount following SEBI’s order was deposited by the appellants, SAT directed the markets regulator to refund the amount of Rs 25 crore within four weeks.