Mumbai, 8/4: In a major development, the Securities and Exchange Board of India has imposed a penalty of Rupees 25 Crores on prominent members of the Reliance family Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani, and few other individuals.
The penalty has been imposed for violations of the provisions of Regulation 11(1) of the Takeover Regulations over irregularities relating to the issue of 12 crore equity shares in January 2000 by Reliance Industries Ltd at a price of Rs.75 per share to 38 allottee entities.
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