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The Supreme Court has agreed to hear a plea by Reliance Industries (RIL) against a SEBI order. The Securities and Appellate Tribunal (SAT) had dismissed RIL’s plea against SEBI order in an insider trading case where the market regulator had asked the company to deposit ₹447 crore as disgorgement amount.
The SC, however, has asked RIL to deposit ₹250 crore within four weeks and stay recovery of the balance amount. SAT, by a 2:1 majority order, had dismissed RIL's appeal against the SEBI order dated March 24, 2017, in the matter relating to the sale of Reliance Petroleum Ltd shares by the company in November 2007. Through the order on March 24, 2017, SEBI had barred RIL and 12 of its promoter group entities from dealing in equity derivatives for alleged unfair trade practices related to the securities market.
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