Ambani’s Reliance fined by SC? Co clears the air

Reliance Industries clarified to stock exchanges on Tuesday that the Supreme Court did not impose a Rs 10 lakh fine on the company over a gas supply dispute with NTPC. The Rs 10 lakh figure was clarified as "costs" payable to the Supreme Court Advocates-on-Record Association, rather than a penalty levied on RIL, according to the company's response to a stock exchange query.

The Supreme Court dismissed RIL's appeal on August 14, stating that the suit, which dates back to 2005, had "not progressed much" and had been obstructed at various stages. The court expressed concern over the long-standing delay in the case, noting that seven years had passed since the Supreme Court had directed timely disposal within nine months.

RIL argued that the distinction between costs and a fine or penalty was crucial to its compliance with securities regulations, and thus no disclosure was necessary under the relevant listing requirements.