In one of its biggest penalties for non-disclosure of a key earnings ratio, Sebi imposed a penalty of Rs 13 crore on corporate behemoth Reliance Industries Ltd (RIL) for violation of the Listing Agreement.
The order follows a probe by the capital markets regulator in an over seven-year old case involving alleged irregularities in issuance of 12 crore warrants by RIL to its promoters entitling its holders to subscribe to equivalent number of equity shares of RIL.
It was alleged that this issuance in April 2007 had resulted in diluting the pre-issue paid-up equity share capital of RIL, but the company repeatedly failed to disclose a key earnings ratio for as many as six quarters.
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