Supreme Court sets aside order directing Reliance Industries to disgorge ₹447 crore
The Supreme Court has set aside an order requiring Reliance Industries to disgorge ₹447 crore related to the trading of Reliance Petroleum shares in 2007. The court found that the Securities Appellate Tribunal made an error in its judgment regarding allegations of fraud. However, the court upheld some penalties related to disclosure violations by Reliance Industries.
- ▪The Supreme Court ruled in favor of Reliance Industries, overturning a previous order for disgorgement of ₹447 crore.
- ▪The Securities Appellate Tribunal had previously dismissed RIL's appeal against a SEBI order regarding the sale of RPL shares.
- ▪The Supreme Court noted that the SAT committed an error concerning fraud allegations under the PFUTP regulations.
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The Supreme Court on Friday (May 29, 2026) set aside an order directing Reliance Industries Ltd. (RIL) to disgorge ₹447.27 crore in a matter relating to the trading of Reliance Petroleum Ltd (RPL) shares in 2007.The apex court partly allowed the appeal filed by RIL challenging a November 2020 order of the Securities Appellate Tribunal (SAT), Mumbai.RPL stock case: SC dismisses SEBI’s appeal against SAT order giving relief to Mukesh AmbaniThe SAT, by a 2:1 majority order, dismissed RIL's appeal against the Securities and Exchange Board of India (SEBI )'s March 24, 2017, order relating to the sale of RPL shares in November 2007.The top court said the SAT, in its majority verdict, committed an "egregious error" in passing the judgement insofar as the question of fraud under Regulations 3 and…
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