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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Faith is the opium of the masses, so Indians get addicted

    India is a nation of 1.27 billion. Let that number sink in, with all its zeroes. That’s a lot of people.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

M S Swaminathan

Public good research in agriculture

Public good research in agriculture is designed to promote risk ...

Zehra Naqvi

To hell and back

Here is a book that makes you wish there were ...

Bubbles Sabharwal

When your real & reel life heroes are the same

ALL the world’s a stage and we all are merely ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture