SAT adjourns RIL insider trading case to Dec 20

Tags: News
Stating that it will not grant any further adjournments and wants to close the case by the end of this month, the Securities Appellate Tribunal today deferred hearing on an appeal by RIL against market regulator Sebi in the insider-trading case to December 20.

SAT presiding officer J P Devadhar reiterated his concern on the frequent adjournments in the case that has been on since 2010.

"We are concerned about the case as it is of 2010. Both the parties are responsible for delaying the closure of this case. We want to dispose of the case by the end of December in any case," said Devadhar.

Reliance Industries Ltd (RIL) is fighting two cases -- one challenging the new consent mechanism guidelines that market regulator Sebi issued in May last year, and another one seeking adjudication proceedings on the insider trading case related to its 2007 sale of Reliance Petroleum shares.

The new consent settlement guidelines exclude insider trading cases because of which RIL's plea has gone out of consideration.

At the earlier instances, including the recent hearings, the case has seen frequent adjournments as RIL has been asking for different sets of documents from Sebi.

"You cannot keep changing your demands. This case has been oscillating from here and there from June 2010, when Sebi had first issued the showcase notice to your clients. It can't go on an on like this for ever," Devadhar had told RIL counsel Dwarakadas earlier.

"We don't want investors to be left in the lurch because of such indecision. First, let's know how many documents you are demanding from the regulator," he had said.

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