HC tells Sebi to make RIL party to appeal against CIC
Mumbai: The Bombay High Court has asked market regulator Sebi to make Reliance Industries Ltd (RIL) a party to its appeal against an order of Central Information Commissioner seeking information in the 2007 RIL insider trading case.
Hearing Sebi's appeal, Justice D Y Chandrachud and Justice A A Sayed yesterday said, "RIL should be given an opportunity to be heard in the matter as the disclosures pertain to the company."
The company should be given a fair chance to be heard in the matter, the judges said and posted the matter for further hearing on December 19.
Sebi had challenged the order of CIC who last month asked the market regulator to disclose information, including the identity of the entities involved in the case, based on the investigations carried out by it.
The CIC, Satyananda Mishra, who is an appellate authority under the Right to Information Act, had passed the order on an appeal filed by Bangalore-based lawyer and RTI activist Arun Agarwal asking Sebi to disclose such details.