The Supreme Court of India has given major relief to Reliance Industries by setting aside an order requiring the company to disgorge ₹447 crore in connection with trades involving shares of Reliance Petroleum Limited (RPL).
The court also overturned findings that had held Reliance guilty of fraudulent trading. The dispute dates back to 2007 and relates to transactions involving RPL shares and related market positions. The Supreme Court ruled that the findings against the company could not be sustained, bringing an end to a prolonged legal and regulatory battle over the matter.