Legal2 Jun 2026, 05:01 pm
Supreme Court clears RIL of fraud charges, fines disclosure lapse
AI Summary
Reliance Industries Ltd (RIL) has been cleared of fraud charges by the Supreme Court in a case related to trading in the RPL scrip. The court held that 'fraud' under PFUTP Regulations was not made out against RIL. However, the Supreme Court did find RIL liable for violating disclosure requirements under a 2001 SEBI Circular regarding position limits, concurring with the penalty levied by SAT for this lapse. This ruling overturns previous orders from SEBI and SAT that had found RIL guilty of fraudulent practices and imposed significant penalties and restrictions.
Key Highlights
- Supreme Court ruled RIL not guilty of fraud charges.
- RIL found to have violated SEBI disclosure norms for position limits.
- Previous SEBI and SAT orders on fraud are set aside.
- RIL had deposited ₹250 crore as per Supreme Court's interim order.
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