Mukesh Ambani on Governance

SEBI fined Reliance Industries Rs 950 crore for manipulation of Reliance Petroleum Limited shares in 2007, with the regulator concluding RIL had used connected trades to profit from short-selling of its own subsidiary's stock. The matter became a recurring reference point in critiques of the group's governance and trading-discipline record.

Critics and several journalists have accused Ambani of close ties with political leadership, particularly with Prime Minister Narendra Modi, with commentaries referencing allegations of cronyism and disproportionate benefits flowing to Reliance under successive governments. Ambani has consistently denied improper relationships, and no court has adjudicated the central allegations, but the perception has shaped coverage of the group's policy wins in telecom, retail and energy.

Jio's marketing drew political heat when full-page advertisements featured Prime Minister Narendra Modi's photograph, prompting a rebuke from the consumer affairs ministry and a public apology from the company for what it called an inadvertent mistake. The incident fed an existing narrative about proximity between Reliance and the Modi government, and gave competitors ammunition on regulatory-equity grounds.