Mukesh Ambani, India’s richest man and owner of Reliance Industries, seems to be having difficulties. Ambani and his company have been fined Rs 40 crore by the Securities and Exchange Board of India (SEBI) regulating the stock market. SEBI has taken action in November 2007 over alleged disturbances in the stock business of erstwhile Reliance Petroleum Limited (RPL).
In this case, SEBI has imposed a fine of Rs 25 crore on Reliance Industries and Rs 15 crore on Mukesh Ambani as well as two other entities. Not only this, SEBI has also asked Navi Mumbai SEZ Private Limited to pay a fine of Rs 20 crore and Mumbai SEZ Limited Rs 10 crore.
The case relates to the November 2007 purchase and sale of RPL shares in the cash and futures segment. The cash and future purchases of Reliance Petroleum Limited’s shares have been found to be flawed. Earlier, in March 2007, RIL decided to sell a 4.1 per cent stake in RPL. This listed subsidiary was later merged with RIL in 2009.
