SEBI slaps fine on RIL

MUMBAI JUNE 10. The Securities and Exchange Board of India has slapped a fine of Rs. 4.7500000 on Reliance Industries Limited (RIL) for delay in informing the exchanges about hiking its stake in Larsen and Toubro (Land T) beyond the 5% limit under the takeover code. "The adjudication proceedings against the company are complete and RIL was asked to pay the fine, which it has done last week,'' SEBI sources said here today. The probe into alleged insider trading of Land T scrips prior to the deal between RIL and the Aditya group would, however, continue, sources added. An RIL spokesman in a brief statement said the amount was paid and was in line with the voluntary payment offer made by it in February last to avoid any further controversy. The Reliance group had hiked its stake in Land T from 3.92% to about 10.06% before offloading in favour of Grasim Industries at Rs. 306 per share, a hefty premium to market price, in November 2001. Just about the time when SEBI launched adjudication proceedings for violation of the takeover provisions, RIL issued a cheque of Rs. 500000 to the market regulator to avoid any controversy. — PTI