RIL arm appraches SAT for insider trading

Reports said that RIL arm Reliance Petroinvestments approached Securities Appellate Tribunal against SEBI which imposed a Rs 11-crore penalty on the company in the Indian Petrochemicals Corp Ltd (IPCL) insider trading case.
Earlier in May, SEBI accused Reliance Petroinvestments of buying shares of IPCL in early 2007.

Reliance Petroinvestments received 426,000 shares of RIL against 2.13 mn shares of IPCL acquired, report was quoted as saying.

"It's observed from investigation report that Reliance Petroinvestments received dividend of approximately Rs 1.3 crore and made a notional profit of approximately Rs 2.55 crore, "Sebi's adjudicating officer, D Ravi Kumar reported in an order.