Claiming “unlawful gains,” SEBI said Reliance would have to return close to USD 70 million plus interest. In total, the amount due could exceed USD 185 million.
“I find that Noticee No. 1 [Reliance Industries] was not genuinely hedging the risk but was aiming at reaping huge speculative profits by cornering futures positions and playing a fraud on the general investors and the market,” G. Mahalingam, a SEBI official, said in the report according to Reuters.
In a reaction, Reliance said its trading back in 2007 constituted “genuine and bona fide transactions.”
“These were carried out keeping the best interest of the company and its shareholders, in view […] SEBI appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions,” Reliance added.
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