No violation of SEBI Takeover Regulations: RIL promoter group
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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.
