News Analysis India

Tag: Ambani family

  • SEBI imposes fine of Rs 25 crore on Reliance promoters, names of all members of Ambani family included

    SEBI means Securities and Exchange Board of India has imposed a fine of Rs 25 crore on the existing and former promoters of Reliance Industries. This fine has been imposed for violating the rules of acquisition. Those who have to pay the fine include Mukesh Ambani, Anil Ambani, his mother Kokilaben, wives, children and other relatives.

    In 2002, SEBI received a complaint about irregularities in issue of shares, following which SEBI started investigating the case. In January 2000, Reliance Industries issued equity shares of Rs 12 crore for 38 units. This allotment was made on the basis of the warrant received in lieu of NCD issued in the year 1994.

    The regulator found that 6.83 per cent of these shares were bought by the promoters of Reliance Industries in the year 2000. This was a violation of the acquisition cap of 5 per cent.

    As per Sebi regulations, if a promoter acquires more than 5 per cent voting rights in a financial year, they will have to make a public announcement. In the same case, SEBI blamed the promoters of Reliance Industries for violating the rules and fined them.

  • Something fishy: Uddhav Thackeray on NIA taking over Ambani bomb threat probe

    By PTI
    MUMBAI: Maharashtra Chief Minister Uddhav Thackeray on Monday said the NIA taking over the case of a vehicle laden with explosives being found near industrialist Mukesh Ambani’s residence in Mumbai suggests something was “fishy”.

    Talking to reporters here, Thackeray said governments come and go, but the official administrative machinery remains the same and one needs to trust it.

    The National Investigation Agency (NIA) took over the case following orders from the Ministry of Home Affairs, an official spokesperson said on Monday.

    The agency is in the process of re-registering the case, the spokesperson added.

    On Sunday, the Maharashtra Anti-terrorism Squad (ATS) registered the FIR against unidentified persons on the order of the state home department under IPC Sections 302 (murder), 201 (causing disappearance of evidence of offence) and 120(b) (criminal conspiracy).

    ALSO READ | NIA takes over case of explosives-laden vehicle found near Ambani residence

    Maharashtra Home Minister Anil Deshmukh said in the Assembly on Monday that state police were capable of solving the case of auto parts dealer Mansukh Hiran’s death and the recovery of the explosives-laden car near Ambani’s residence.

    Hiran, the purported owner of the vehicle, was found dead in a creek in neighbouring Thane on Friday.

    Thackeray said, “We had handed over the case of the vehicle laden with explosives and the mysterious death of Mansukh Hiran to the ATS. The NIA taking over the case shows something was fishy.”

    The ATS will continue to conduct its probe into Hiran’s death, the CM said.

    He said the opposition does not have faith in the state machinery and wanted to show it doesn’t function.

    “If that is so, why is it demanding that the state government reduce taxes on fuel?” the chief minister asked. Thackeray also said the state police will conduct probe into the alleged suicide of Lok Sabha member Mohan Delkarand punish the guilty.

    Delkar (58), a seven-term MP from the Dadra and Nagar Haveli Union Territory, was found dead at a hotel on Marine Drive in south Mumbai on February 22.

    “A Union Territory is governed by the Centre. We will take the case to its logical end. I wonder how the opposition here is quiet on the issue of the seven-term MP ending his life,” Thackeray said.