Reliance and Mukesh Ambani fined due to which disturbances in petroleum business

25 crore fine on Reliance and 15 crore on Mukesh Ambani due to petrochemical business disturbances Action related to the purchase and sale of shares of RPL in the cash and futures segment in November 2007

25 crore fine on Reliance and 15 crore on Mukesh Ambani due to petrochemical business disturbances Action related to the purchase and sale of shares of RPL in the cash and futures segment in November 2007 new Delhi. The Securities and Exchange Board of India has imposed a fine of Rs 25 crore and Rs 15 crore on Reliance Industries and its chairman Mukesh Ambani for alleged business disturbances. SEBI has imposed this penalty in November 2007 for the irregularities in the case related to the purchase and sale of Reliance Petroleum shares in the Cash and Future segments. In 2007, orders have been issued for fines for alleged misappropriation in the purchase and sale of Reliance Petroleum shares. It was also observed that Mukesh Ambani, being the Chairman and Managing Director of RIL, is responsible for his day to day affairs and as such, he is also responsible for the manipulative business carried out by RIL. Disturbances made under the thought plan SEBI has stated in its order that it has been found that RIL had conceived and planned with its agent. The aim was to earn profits from the sale of shares of RPL in the Cash and Future segments. For this, a large number of RPL shares were sold in the cash segment in the last 10 minutes of trading on the settlement day. Due to this, the settlement price of RPL shares fell. This rigging scheme was against the interest of the securities market. Not only this, the capital market regulator has also asked SEBI to pay a fine of Rs 20 crore from Navi Mumbai SEZ Private Limited and Rs 10 crore to Mumbai SEZ Limited. Also read: – The price of petrol and diesel did not increase on the 27th consecutive day, how much will have to be paid SEBI investigated Sebi probed the sale and purchase of shares of RPL between November 1 and November 29 in 2007 to get to the bottom of the case. It was found that RIL’s board had approved a proposal on 29 March 2007. Under this, the operating plan for the financial year 2008 and the need for funds of about Rs 87,000 crore for the next two years was approved. Subsequently, in November 2007, RIL decided to sell its five per cent stake in RPL. Then, RPL appointed 12 agents to deal in RPL’s futures on his behalf. Rigging like this SEBI has also told how this rigging was carried out. In fact, these 12 agents entered into (short position) bearish deals in the futures and options market on behalf of RIL. Then, RIL sold its shares of RPL in the cash segment. Since November 15, RIL’s short positions in the F&O segment continued to grow. This increase was more than the proposed sell-off of RPL shares in the cash segment. On 29 November 2007, RIL sold 2.25 crore shares of RPL in the cash market. This sale was done in the last 10 minutes of the session. Due to this, the shares of RPL declined sharply. Also read: Tata companies are more than the Government of India among the listed companies of the country, shocking figures came out This is how they earned profits This reduced the settlement price of RPL shares. In the F&O segment, a total outstanding settlement of Rs 7.97 crore was made in cash. This led to profits at short positions. The profits were transferred by the agent to RIL as per the pre-fixed condition. SEBI noted that an order dated 24 March 2017 directed RIL to pay an amount of Rs 447.27 crore along with interest at the rate of 12 per cent per annum from 29 November 2007 till the date of payment.

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