New Delhi, Nov 5 : The Securities Appellate Tribunal (SAT), by a 2:1 majority order, on Thursday dismissed Reliance Industries Ltd’s (RIL) appeal against a SEBI order dated March 24, 2017, in the matter relating to the sale of RPL shares by the company in November 2007.
“The Company will examine the order passed by the Hon’ble SAT.All trades carried out by the Company were genuine and bona fide.No irregularity can be attached to these transactions,” RIL said in a filing.
“The Company reiterates that it has not violated any law or regulation while selling shares of RPL in November 2007.The Company, under proper legal advice, will prefer an appeal to the Hon’ble Supreme Court of India and is confident of vindicating its position,” it added
