Reliance: Relief to Reliance in acquisition of shares from Supreme Court, company will get documents from SEBI

Reliance Industries has got relief from the Supreme Court in the case of irregularities in the acquisition of shares of its own company. The Supreme Court has directed SEBI to provide RIL with the documents sought by them.

Let us tell you that Reliance Industries Limited is accused of irregularities in the acquisition of its own shares between the years 1994 and 2000. The company says that the documents it is seeking from SEBI. After their meeting, the promoters of the company and the company will be cleared of the charges.

Let us tell you that in this case, Reliance Industries had appealed in the High Court earlier in this matter, but it did not get any relief from there. The company then approached the Supreme Court.

What’s the matter?

In 2002, a chartered accountant named S Gurumurthy had accused 98 people, including the promoters of Reliance, of irregularities in the preferential placement of two NCDs issued in 1994. Later, SEBI found in the investigation that these NCDs would be converted into shares having voting rights in the year 2000. According to him, there was a mistake in this process. However, Reliance vehemently denied these allegations.

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Reliance Industries has got relief from the Supreme Court in the case of irregularities in the acquisition of shares of its own company. The Supreme Court has directed SEBI to provide RIL with the documents sought by them.

Let us tell you that Reliance Industries Limited is accused of irregularities in the acquisition of its own shares between the years 1994 and 2000. The company says that the documents it is seeking from SEBI. After their meeting, the promoters of the company and the company will be cleared of the charges.

Let us tell you that in this case, Reliance Industries had appealed in the High Court earlier in this matter, but it did not get any relief from there. The company then approached the Supreme Court.

What’s the matter?

In 2002, a chartered accountant named S Gurumurthy had accused 98 people, including the promoters of Reliance, of irregularities in the preferential placement of two NCDs issued in 1994. Later, SEBI found in the investigation that these NCDs would be converted into shares having voting rights in the year 2000. According to him, there was a mistake in this process. However, Reliance vehemently denied these allegations.