SAT adjourns RIL-Sebi case hearing till March 14

Tags: RIL, SAT, SEBI, Companies
The Securities Appellate Tribunal (SAT) today adjourned hearing on Reliance Industries' appeal against market regulator Sebi till March 14.

RIL had sought to settle a probe by Sebi into the alleged violation of insider-trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum in 2007.

Reliance Industries' appeal against Securities and Exchange Board of India (Sebi) was earlier scheduled for January 24, but was adjourned till February 21.

RIL's application to settle the matter under Sebi's consent mechanism was rejected following which the company filed an appeal in SAT.

RIL has challenged Sebi's decision rejecting its application and also the recent changes made by the regulator in the regulations governing settlement of cases through the consent mechanism, especially for cases already under consideration.

Under Sebi's consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains.

In May 2012, Sebi had tightened the norms for settlement through consent framework, as a result of which many cases, including those related to insider-trading, are not being able to be settled through this mechanism.

On January 3, Sebi published a list of 149 consent pleas, including 16 from entities related to RIL group, which it had found unsuitable for settlement through consent process.

These include applications of RIL itself and that of RIL Chairman Mukesh Ambani's close aide Manoj Modi.

EDITORIAL OF THE DAY

  • Insurance regulator must ban differential pricing and exemptions on health covers

    To reduce their overall losses, non-life insurance companies have been increasing the health insurance premium they charge retail customers, both at t

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Nigavekar

Tablets, memory cards for educatioNext

The Commonwealth he­ads of government mee­ting held in Malta last ...

Rajgopal Nidamboor

Try to awaken the archaeologist within

Our mind is far ahead of René Descartes’ famous maxim, ...

Dharmendra Khandal

Urbanisation is costing us our wildlife

The road transport and highways minister Nitin Gadkari aims to ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture