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Supreme Court provides relief to Reliance in 2007 securities market fraud case
Reliance Industries Ltd received relief from India's Supreme Court. The court overturned a lower court ruling and a 2020 order by the markets regulator. This order had alleged manipulative trading practices by the company. The Supreme Court directed SEBI to refund 2.5 billion rupees to Reliance. The case involved a stake sale in Reliance Petroleum Ltd.
SC sets aside SAT order directing RIL to disgorge ₹447 crore
The Supreme Court on Friday set aside an order directing Reliance Industries Ltd (RIL) to disgorge Rs 447.27 crore in a matter relating to the trading of Reliance Petroleum Ltd (RPL) shares in 2007. The apex court partly allowed the appeal filed by RIL challenging a November 2020 order of the Securities Appellate Tribunal (SAT), Mumbai. The SAT, by a 2:1 majority order, dismissed RIL's appeal against the Securities and Exchange Board of India (SEBI )'s March 24, 2017, order relating to the sale of RPL shares in November 2007. The top court said the SAT, in its majority verdict, committed an "egregious error" in passing the judgement insofar as the question of fraud under Regulations 3 and 4 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market), 2003 (PFUTP) is concerned. "However, we concur with the SAT's observations in its majority judgment as regards the penalty to be levied on the appellant number 1 (R
SC quashes SEBI order against Reliance in RPL trading case; orders ₹250 crore refund
The Supreme Court has quashed SEBI's order alleging fraudulent and manipulative trades by 12 Reliance-linked entities in Reliance Petroleum shares in 2007. The court also set aside a 2020 SAT ruling that upheld the regulator's findings and directed the refund of ₹250 crore deposited by Reliance Industries.
Supreme Court sets aside Sebi ₹447 crore disgorgement order in Reliance Petroleum derivatives case
The top court overturned SAT fraud findings, but upheld limited derivatives violations in long-running 2007 trading dispute involving Reliance Industries and Reliance Petroleum.
Reliance Industries gets partial relief from Supreme Court as it sets aside Rs 447 crore Sebi recovery order
In a landmark ruling, the Supreme Court has sided with Reliance Industries Ltd in a trading case that has spanned over 15 years. The court has annulled a substantial disgorgement order previously placed on the company, providing some relief. However, the Rs 25 crore fine levied by the Securities and Exchange Board of India (Sebi) stands firm.
Vedanta arm Talwandi Sabo Power faces Rs 127 crore penalty
Vedanta's subsidiary, Talwandi Sabo Power Ltd, must pay approximately Rs 127 crore plus late payment surcharge to Punjab State Power Corporation Ltd. The Supreme Court upheld a penalty for misdeclaration of availability in January 2017. This power plant is crucial for Punjab's energy needs. The judgment restores an earlier order from the state regulator.
SC junks plea against green nod for Adani MP project
The Supreme Court has dismissed a petition challenging forest land diversion for an Adani group coal mining project in Singrauli, Madhya Pradesh. The court also rejected a plea against the Madhya Pradesh government's approval. An activist had sought to declare the area an eco-sensitive zone, citing its importance as an elephant corridor and a biodiverse forest.
RIL, foreign firms refute in SC Centre's claim of 'unjust' extraction of gas from KG basin
Reliance Industries and its offshore partners are strongly denying allegations of siphoning gas from ONGC fields. The companies are in the Supreme Court challenging a High Court verdict that overturned an arbitral award in their favor. The Centre had demanded over a billion dollars for gas allegedly migrated from ONGC blocks to their KG-D6 area.
Supreme Court agrees to hear IEX plea against power market coupling order
The Supreme Court will review the Indian Energy Exchange's challenge to a regulatory order. This order mandates market coupling for power trading. The court refused to halt the implementation of this process. The Indian Energy Exchange argues the order is arbitrary and will harm its market share. The Central Electricity Regulatory Commission is now required to respond to the appeal.
'Maybe he was cheated': Anil Ambani's lawyers respond as SC hears ₹27,300 crore bank fraud probe
The Supreme Court heard the Reliance Communications case as CBI alleged ₹27,300 crore fund diversion, while Anil Ambani’s lawyers questioned the investigation and attachments.
Supreme Court rules consumers not liable for unused power plant tariffs
The Supreme Court has ruled that electricity consumers are not obligated to pay tariff charges for a power plant that has stopped supplying electricity. The apex court restored a previous order against Tata Power Delhi Distribution Ltd. This decision means consumers will not bear the cost of a plant that is no longer operational.
Supreme Court directs MSEDCL to pay ₹250 crore to JSW Energy in tariff dispute
Shares of JSW Energy Ltd ended at ₹562.00, down by ₹0.65, or 0.12%, on the BSE.