SAT dismisses RIL appeal against Sebi

Tags: RIL, SAT, SEBI, Companies
The Securities Appellate Tribunal today upheld a Sebi decision rejecting Reliance Industries Ltd's application to settle alleged violations of norms to check fraudulent and unfair trade practices in the RIL-Reliance Petroleum merger case through a consent mechanism.

The tribunal said Reliance's application is not maintainable because the new consent mechanism norms are applicable with retrospective effect.

A full bench of the SAT, headed by presiding officer JP Devdhar, said the consent mechanism norms in the Sebi Act were amended with retrospective effect from April 2010.

Reliance has been contesting a show-cause notice from the Securities & Exchange Board of India (Sebi) in the case since December 2010 and from last year, the regulator's exclusion of the company from the new consent mechanism.

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E-mail ID will not be published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

  • Sebi’s latest ban on 260 entities plugs a major loophole for stock manipulation

    Last week, the capital market regulator, Securities and Exchange Board of India (Sebi) banned 260 entities from dealing in the securities market for m

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

Arun Kumar Jain

Nuances in managing joint ventures

This is an age of collaboration. A seemingly simple device ...

Kuruvilla Pandikattu SJ

Finding the missing child of Christmas

Christmas is basically the feast of a helpless child. The ...

Shona Adhikari

Why Indian art auctions are here to stay

With Christie’s second India sale just over in Mumbai, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture