Mumbai, 24th March 2017: 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.
About Reliance Industries Limited (RIL):
Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated turnover of INR 296,091 crore ($44.7 billion), cash profit of INR 40,737 crore ($6.1 billion), and net profit of INR 27,630 crore ($4.2 billion) for the year ended March 31, 2016.
RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 215th in terms of revenues, and 126th in terms of profits. RIL ranks 238th in the Financial Times’ FT Global 500 list (2015) of world’s largest companies. RIL ranks 121st on the Forbes Global 2000 list (2016), continuing to be the top-ranked Indian company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.