Reliance Industries loses appeal in Jio-Facebook disclosure case; to consider legal options
By Aditya Bhagchandani Published on May 3, 2025, 14:57 IST
Reliance Industries Limited (RIL) has announced that the Securities Appellate Tribunal (SAT) has dismissed its appeal against the Securities and Exchange Board of India's (SEBI) 2022 order, which imposed a penalty of ₹30 lakh for a disclosure lapse concerning the Jio-Facebook deal in 2020.
The penalty was imposed for an alleged violation of Principle 4 under Schedule A of the SEBI PIT Regulations (Prohibition of Insider Trading), linked with delayed disclosure of the Jio-Facebook transaction under Regulation 30 of the SEBI LODR Regulations.
In a statement to the exchanges on May 3, 2025, RIL confirmed that the SAT order was made available on May 2 at around 5:00 PM IST. The company said it would evaluate the order and decide on the next steps in consultation with legal counsel.
Reliance reiterated its position that it had complied with both the letter and spirit of SEBI's disclosure regulations. The case concerns disclosures made during the landmark Jio Platforms-Facebook partnership in 2020.
The company has informed BSE, NSE, the Luxembourg Stock Exchange, and the Singapore Exchange about the development.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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Orion Parrott wants to be the next owner of Toronado. But Toronado may not want him. Regulars of the legendary San Francisco beer bar have known about Parrott since March, when the San Francisco Standard published a leaked chat from the encrypted messaging app Telegram in which this 'crypto bro' declared he was buying the bar — and planning to launch an associated crypto coin. They were not happy. 'Please tell me this is satire…if not, this is an absolute worst case scenario,' one wrote on a Facebook group for fans of the bar. 'I definitely would never go back if this sale is real,' wrote another. But Parrott, a partner in Orange DAO, a fund that invests in cryptocurrency startups, seemed determined to win them over. In frequent posts in the Facebook group, he promised that he wants to preserve Toronado's legacy. And in late May, Parrott told me that his deal to buy the 38-year-old bar was moving forward and that he was ready to talk about his plans. 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