Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 25 crore on Mukesh Ambani, Anil Ambani, and nine other individuals and entities in connection with irregularities in shareholding emerging from violation of the regulator's takeover code regulations. As per extant regulations, a promoter group acquiring more than a 5 percent stake needs to make an open offer to minority investors within the ongoing financial year. In its order, SEBI mentioned that the promoter group and other notices in the case violated regulation 11(1) of takeover regulations."It is noted that in the instant matter the notices have been alleged to have failed to make a public announcement to acquire shares of RIL and deprived the shareholders of their statutory rights/opportunity to exit from the target company and therefore they breached the provisions of takeover regulations. Such charges against the notices make the instant matter grave,"