The Supreme Court quashed SEBI and SAT orders against Reliance Industries in the Reliance Petroleum trading case, setting aside allegations of fraudulent market practices, directing refund of Rs 250 crore deposited during proceedings and ending the prolonged legal battle arising from 2007 stock market transactions.
The Supreme Court dismissed SEBI’s appeal against the SAT ruling that cleared Mukesh Ambani of penalties for the 2007 Reliance Petroleum stock manipulation case, citing no question of law. However, the Court will hear SEBI’s appeal regarding SAT’s relief to RIL on December 2, 2023. Senior advocates represented both parties.
