SME Times News Bureau | 08 Apr, 2021
The promoter group of Reliance Industries Limited (RIL) has informed the
company that there has been no violation of SEBI Takeover Regulations
and it has complied with the applicable laws.
The RIL promoter
group has also said that an appeal will be referred to the Securities
Appellate Tribunal and it remains confident of vindicating its position,
as per an RIL filing.
As per a regulatory filing, RIL had
issued debentures with convertible warrants in the year 1994 and
allotted equity shares against the warrants in the year 2000.
SEBI
had issued a show cause notice in February 2011 (more than 11 years
after acquisition of shares) to the then promoter and promoter group (as
in the year 2000) alleging violation of Regulation 11(1) of SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
The
show cause notice has now been adjudicated (21 years after acquisition
of shares) and a penalty in the sum of Rs 25 crore has been levied on
the then promoter and promoter group.
"The promoter and
promoter group have informed RIL: a) that there has been no violation of
Regulation 11(1) of the SEBI Takeover Regulations and they have
complied with applicable laws; and b) an appeal will be preferred to the
Securities Appellate Tribunal and they remain confident of vindicating
their position," the filing said.
