Market regulator has imposed a fine of ₹25 cr on the Ambani family for the violation of takeover code regulations in the year 2000. SEBI's order has penalised Mukesh Ambani, Anil Ambani, Kokilaben Ambani, Nita Ambani, Tina Ambani, Reliance Industries Holding, Reliance Realty and others.
The fine is for failure to disclose the acquisition of more than 5% stake in the company in the year 2000, which as per norms would have triggered an open-offer. In January 2000 promoter stake in Reliance Industries increased by 6.83% after conversion of 3 crore warrants issued in 1994.
The penalty of ₹25 crore will have to be jointly paid by the 34 individuals and entities who were allotted the warrants in the year 1994.