SEBI moves sessions court against RIL for violation of Companies Act

SEBI DRAGS RELIANCE
TO SESSIONS COURT FOR A TECHNICAL NON-COMPLIANCE OF FILING OF POST-ACQUISITION
RETURN IN 2000

SEBI moves sessions court
against RIL for violation of Companies Act

RIL co-operated with SEBI and
has produced abundant evidence establishing that RIL has not violated any norms, the company said.

Reliance Industries (RIL)
has disclosed that the markets regulator Securities and Exchange Board of India
(SEBI) has moved the Sessions Court against it for alleged violation of the
Companies Act and SEBI regulations.

The company said the matter
pertains to the issue of
debentures with convertible warrants two decades ago.

“RIL
co-operated with SEBI and has produced abundant evidence establishing that RIL
has not violated Section 77 of the Companies Act, 1956.

SEBI has not issued a show cause notice to RIL.

There has been no adjudication of this alleged violation under Section
15-I of the SEBI Act, 1992.

Notwithstanding this, SEBI has
chosen to file the proceedings in the Sessions Court in this matter,” the
company said in a stock
exchange notification on Wednesday.

Reliance alleged that SEBI
has not issued a show cause notice to RIL.

It further said, “The alleged violation of SEBI(Substantial Acquisitions of
Shares and Takeover) Regulations, 1997, by the promoters and promoter group
of RIL is no more than a technical non-compliance of filing of
post-acquisition return in 2000. SEBI has already issued a show cause notice for levy of a
penalty of Rs 5 lakh and the matter is under adjudication