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SAT adjourns RIL insider case hearing to Oct 11

Last Updated: Wednesday, September 25, 2013 - 23:04

Mumbai: The Securities Appellate Tribunal (SAT) Wednesday and adjourned hearing to October 11 on RIL's appeal against market regulator SEBI in the long-running insider trading case.

The SAT also declined to allow an intervention petition by an individual who had alleged that there could be collusion between Sebi and the Mukesh Ambani-led Reliance Industries to settle the case.

Rejecting the plea, the SAT asked him to approach the Bombay High Court or the Supreme Court, saying the tribunal is not the appropriate forum to hear such a plea.

Meanwhile, the tribunal continued the final arguments in the seven-year-old case between Sebi and the country's largest corporate entity.

RIL counsel Janak Dwarkadas making the final arguments said his client has not yet received all relevant documents from the regulator, a claim disputed by Darius Khambata, the Advocate General, appearing for Sebi, who instead asked RIL to file an affidavit stating so.

Khambata alleged that all these are time-buying tactics by RIL.

The SAT adjourned the matter to October 11 when Khambata will conclude his arguments.
The capital market watchdog has been maintaining that RIL's appeal against its order is "not maintainable".

The matter relates to RIL's appeal against Sebi in a case related to alleged violation of insider trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum (RPL) in 2007. RPL was later merged with RIL.

RIL had approached SAT against Sebi after its application to settle the matter through a 'consent mechanism' was rejected by the regulator.

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


First Published: Wednesday, September 25, 2013 - 23:04
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