SEBI imposed a total penalty of Rs. 25 Crore on Mukesh Ambani, Anil Ambani and other individuals as well as entities for not complying with the takeover regulations in a Reliance Industries case dating back to 2000. The wives of Ambani brother, i.e. Tina and Nita Ambani have also been penalised by SEBI. Tina is the wife of Anil and Nita is the wife of Mukesh. SEBI, in its order, stated that the promoters of RIL and Persons Acting in Concert (PAC) failed to disclose the acquisition of more than 5 per cent stake in the company way back in 2000.
As per the order, 6.83 per cent shares that were acquired by RIL promoters together with PACs consequent to exercise of option on warrants attached with non-convertible secured redeemable debentures were in excess of 5 per cent prescribed under the takeover regulations. Thus, the obligation to make a public announcement about acquiring the shares arose on January 7th, 2000. This was the date on which the PACs were allotted RIL equity shares on exercise of warrants issued in January 1994, the order noted. The regulator has imposed the penalty of R. 25 Crores, to be paid jointly and severally, by the individuals and entities concerned.
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