Sebi slaps Rs 25 cr fine on Ambani brothers, individuals, entities in a two-decade-old matter

For non-compliance with takeover norms, Sebi fined Mukesh Ambani, Anil Ambani, and other individuals and entities a total of Rs 25 crore on Wednesday.

In a Reliance Industries case dating back to 2000, Sebi fined Mukesh Ambani, Anil Ambani, and other individuals and entities a total of Rs 25 crore for non-compliance with takeover norms. Nita Ambani and Tina Ambani are among those who have been sanctioned by the watchdog. Mukesh Ambani’s wife is Nita, and Anil Ambani’s wife is Tina.

According to Sebi’s 85-page order, promoters and Persons Acting in Concert (PAC) failed to report the purchase of a more than 5% stake in the business in 2000. Mukesh and Anil Ambani split their father Dhirubhai Ambani’s business empire in 2005.

According to the order, the 6.83 percent shares acquired by RIL promoters and PACs as a result of exercising the option on warrants attached to non-convertible secured redeemable debentures exceeded the 5 percent limit set by the takeover regulations. As a result, on January 7, 2000, the duty to make a public statement about the acquisition of the shares arose. The PACs were allocated RIL equity shares on this date, according to the order, after exercising warrants given in January 1994.

The promoters and PACs, on the other hand, have not made any public announcements about the acquisition of the shares, according to Sebi. The promoters and PACs are accused of violating the takeover legislation because they did not make any public an

nouncement about the acquisition of shares.

Various individuals and organizations, according to the order, failed to “make a public announcement, deprived the shareholders of their statutory rights/ opportunity to exit the company.”The regulator has levied a penalty of Rs 25 crore on the individuals and organizations involved, which must be paid jointly and severally.

In a Reliance Industries case dating back to 2000, Sebi fined Mukesh Ambani, Anil Ambani, and other individuals and e

ntities a total of Rs 25 crore for non-compliance with takeover norms. Nita Ambani, Tina Ambani, K D Ambani, and other family members have also been sanctioned by the watchdog. Mukesh Ambani’s wife is Nita, and Anil Ambani’s wife is Tina. Mukesh Ambani’s wife is Nita, and Anil Ambani’s wife is Tina.

Mukesh and Anil Ambani split their father Dhirubhai Ambani’s business empire in 2005. According to the order, RIL’s promoters bought 6.83 percent of the company in 2000 by converting 3 crore warrants given to them in 1994. Sebi noted that the 6.83 percent of shares acquired by RIL promoters and PACs as a result of exercising the option on warrants attached to non-convertible secured redeemable debentures exceeded the 5 percent limit set by the takeover regulations.