SAT dismisses Reliance Industries' appeal for settlement with SEBI

MUMBAI Wed Jul 2, 2014 2:06am IST

A man walks past a Reliance Industries Limited sign board installed on a road divider in Gandhinagar January 17, 2014. REUTERS/Amit Dave/Files

A man walks past a Reliance Industries Limited sign board installed on a road divider in Gandhinagar January 17, 2014.

Credit: Reuters/Amit Dave/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The Securities Appellate Tribunal (SAT) on Monday dismissed an appeal by Reliance Industries Ltd (RELI.NS) seeking an opportunity to settle a case with the Securities and Exchange Board of India (SEBI) involving suspected illegal trading by the energy conglomerate in one of its subsidiaries.

In its appeal to the tribunal, Reliance had argued SEBI had not given it an opportunity to request the settlement of the case under a process called consent proceedings.

Under consent proceedings, parties involved in disputes with SEBI can settle them without admission of guilt.

SAT, in dismissing Reliance's appeal on Monday, ruled that revised consent proceedings rules SEBI introduced last year, which were retrospectively applied, do not allow a case rejected from consent proceedings to be appealed.

"The rejection of the consent application was wrong," a Reliance spokesman said. "Clearly the appeal would have been allowed had it not been for the Ordinances having retrospective effect."

The case involves a notice issued by SEBI in December 2010 that alleged that Reliance could have breached Fraudulent and Unfair Trade Practice Regulations.

In a separate case, SEBI last year had fined another Reliance unit 110 million rupees ($1.8 million) over suspicions of insider trading.

($1 = 60.0450 Indian Rupees)

(Reporting by Himank Sharma; editing by Rafael Nam and Keiron Henderson)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

Sensex, Nifty rise to second consecutive record high

Sensex, Nifty rise to second consecutive record high

The BSE Sensex and Nifty on Friday rose to their second consecutive record highs. The 30-share Sensex surged as much as 1.52 percent to an all-time high of 27,762.13. The broader Nifty gained as much as 1.49 percent to a record of 8,291.65.  Full Article 

REUTERS SHOWCASE

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Leisure Riding

Leisure Riding

Harley-Davidson woos affluent young Indians with bike culture  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage