SAT dismisses RIL appeal against Sebi

Tags: 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.

EDITORIAL OF THE DAY

  • Taking development to the hinterland that is ruled by the left extremists is the only lasting solution

    In 2010, it was the 82nd battalion of Central Reserve Police Force (CRPF) that virtually got decimated in Dantewada district after a guerrilla operati

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium : THE UGLY AND INCONVENIENT TRUTH

Same song, different verse. The time for polemics over how ...

Urs Schoettli

On the brink, indeed

Once again the Korean Peninsula is on the brink of ...

Zehra Naqvi

How to lower your anxiety

Emotional states of a person have a direct connection with ...