Tribunal stays non-disclosure penalty on Reliance Industries: Facebook-Jio Deal

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The Securities Appellate Tribunal (SAT) has reportedly stayed the INR 30 Lakh penalty imposed by the Securities and Exchange Board of India (SEBI) on Reliance Industries Ltd (RIL) over social media giant Facebook’s investment in Jio Platforms in 2020.

“We stay the effect and operation of SEBI’s 20 June order and list it for final disposal on December 12th,” a SAT bench led by Justice Tarun Agarwala was quoted as saying. The Securities Appellate Tribunal also ordered the market regulator to file a response in the case. SEBI had previously fined RIL and two of its compliance officers INR 30 Lakhs for violating disclosure rules in the $5.7 billion Facebook-Jio deal.

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Tribunal stays non-disclosure penalty on Reliance Industries: Facebook-Jio Deal

The Securities Appellate Tribunal (SAT) has reportedly stayed the INR 30 Lakh penalty imposed by the Securities and Exchange Board of India (SEBI) on Reliance Industries Ltd (RIL) over social media giant Facebook’s investment in Jio Platforms in 2020.

“We stay the effect and operation of SEBI’s 20 June order and list it for final disposal on December 12th,” a SAT bench led by Justice Tarun Agarwala was quoted as saying. The Securities Appellate Tribunal also ordered the market regulator to file a response in the case. SEBI had previously fined RIL and two of its compliance officers INR 30 Lakhs for violating disclosure rules in the $5.7 billion Facebook-Jio deal.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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