SAT dismisses RIL appeal against Sebi order seeking payment of Rs 447 cr

While dismissing RIL's appeal, SAT directed the company to pay Rs 447 crore along with a simple interest of 12 per cent from November 2007 within 60 days. The amount works out to nearly Rs 1,150 crore

The Securities Appellate Tribunal (SAT) has dismissed Reliance Industries’ (RIL’s) plea challenging an order passed by the Securities and Exchange Board of India (Sebi) asking the company to return Rs 447 crore “unlawfully gained” by dealing in shares of erstwhile subsidiary Reliance Petroleum (RPL).

A majority of SAT’s three-member Bench upheld Sebi’s order dated March 24, 2017. Dismissing RIL’s appeal, SAT directed the company to pay Rs 447 crore, with a simple interest of 12 per cent from November 2007, within 60 days. The amount works out to about Rs 1,150 crore.

SAT said while the disgorgement amount is sizeable, the directions