Sebi's delay makes RIL order absurd

The Securities and Exchange Board of India (Sebi) last week slapped a penalty of Rs 25 crore jointly on 34 entities, including brothers Mukesh and Anil Ambani and various members of the extended Ambani clan and other entities known as persons acting in concert (PAC). In January 2000, the promoters of Reliance Industries Ltd (RIL), and other entities acting in concert, raised their stake in RIL by 6.83 per cent through converting warrants issued in 1994. Under Sebi’s Substantial Acquisition of Shares and Takeovers (SAST) Rules of 1997, any acquisition of over 5 per cent ought to have triggered an