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Reliance Industries has been fined ₹13 crore for not complying with listing conditions (₹12 crore) and not furnishing information on diluted earnings per share for six quarters from June 2007 to September 2008 (₹1 crore).
SEBI in its order on Friday said, “It is not out of place to mention that the EPS (basic or diluted) is a vital factor or one of the fundamental tools for investors while arriving at a decision to continue or invest in the shares of a particular company. EPS is considered the single most important vehicle in determining a share price. It is a key driver of share price and used as a barometer to gauge a company’s profitability per unit of shareholder ownership. It is not out of place to mention that the noticee company has millions of shareholders and the prospective investors who were also deprived of the correct disclosures in relation to DEPS in the respective quarterly financial results according to Accounting Standard 20.” SEBI has directed RIL to pay the penalty within 45 days.
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