New Delhi, May 30 -- The Supreme Court on Friday exonerated Reliance Industries Limited (RIL) of allegations of fraudulent and manipulative trading in the 2007 Reliance Petroleum futures case, holding that the Securities Appellate Tribunal (SAT) committed an "egregious error" in sustaining findings of fraud against the company. A bench of justices JB Pardiwala and R Mahadevan set aside directions issued by the Securities and Exchange Board of India, later upheld by the SAT for disgorgement of Rs.447.27 crore arising out of trading in shares of Reliance Petroleum Limited in November 2007. Consequently, the court ordered refund of Rs.250 crore deposited by RIL in the Investor Protection Fund pursuant to interim directions passed earlier by th...