Business decision to sell Reliance Petroleum shares, RIL tells Securities and Appellate Tribunal


Business decision to sell Reliance Petroleum shares, RIL tells Securities and Appellate Tribunal

“It is my business judgement to sell my shares (whenever I want).” This is what lawyers of Reliance Industries Ltd (RIL) told the Securities and Appellate Tribunal (SAT) in defence against allegations by SEBI in the matter involving market violation in derivative segment for trading in share of Reliance Petroleum (RPL).

SEBI had banned RIL, India’s largest private sector company in terms of market-cap, from trading in equity futures after it found in violations of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations. SEBI has even imposed disgorgement of gains on RIL that effectively comes to around ₹2,000 crore for manipulative traders in RPL in 2007.

Harish Salve, Supreme Court lawyer, has been appearing for RIL in SAT. RIL argument, which is now going on for the past three days, have been more on numbers, technical issues and figures mentioned in SEBI’s show cause notice. Read More

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