MUMBAI, July 28 (Reuters) – An Indian tribunal on Friday put aside a high-quality of 250 million rupees ($3.04 million) by the markets watchdog on Reliance Industries (RELI.NS) for alleged violation of the nation’s takeover guidelines.

In 2021, the Securities and Exchange Board of India (SEBI) levied the high-quality on the highest shareholders of Reliance, together with chairman Mukesh Ambani.

The Securities Appellate Tribunal (SAT) within the order stated that the most important shareholders of Reliance Industries didn’t violate takeover laws.

“The imposition of penalty upon the appellant is without any authority of law. Consequently, the impugned order cannot be sustained and is quashed,” SAT stated within the order.

A spokesperson for the corporate didn’t instantly reply to a Reuters’ request for remark.

($1 = 82.1971 Indian rupees)

Reporting by Jayshree Upadhyay in Mumbai; Editing by Dhanya Ann Thoppil

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