The Securities and Exchange Board of India (SEBI) has penalized the Ambani brothers – Anil and Mukesh Ambani, their spouses, and some other individuals Rs25 crore, Live Law reported on Wednesday. The Ambani family and others were penalized for irregularities relating to the issue of 12 crore equity shares in January 2000 by Reliance Industries Ltd for Rs75 per share to 38 allottee entities, the website said.
SEBI in its order said that the family and individuals violated the provisions of Regulation 11(1) of the Takeover Regulations. It said the noticees failed to give a public announcement about the same and deprived the shareholders of their statutory rights/ opportunity to exit from the company. It added that in this case the violation was not committed just once but continued till date, the website reported.
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