The Securities and Exchange Board of India (Sebi) has prima facie found Reliance Industries guilty of violating the Takeover Code by breaching the 5 per cent shareholding limit in Larsen & Toubro (L&T) and not informing the company and exchanges concerned. Reliance had sold a 10.5 per cent stake in L&T to Grasim Industries late last year.
Sebi officials told Business Standard Reliance had committed the technical violation of non-reporting, which was