RIL to appeal SEBI order

Mumbai: Mukesh Dhirubhai Ambani led Reliance Industries Ltd(RIL) today in a statement said the company proposes to appeal Security Exchange Board of India(SEBI) order pertaining to trading in RPL shares by RIL in 2007.

The company in its statement issued here today said: SEBI has just uploaded in its website its order under section 11 and 11B of the SEBI Act in the matter relating to trading in RPL shares by RIL in November 2007. The trades in RPL shares which were examined by SEBI were genuine and bona fide transactions. These were carried out keeping the best interest of the company and its shareholders, in view. SEBI appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions. We are in the process of consulting our legal advisors. We propose to prefer an appeal and challenge the order in Securities Appellate Tribunal. We remain confident of fully justifying the veracity of the transactions and vindicating our stand. We have full confidence in the judicial process and we propose to vigorously exercise all options available to us to challenge the untenable findings in the order.

DeshGujarat