The Securities Appellate Tribunal has asked Mukesh Ambani-controlled Reliance Industries to file a rejoinder and submit within two weeks a final list of documents that the company wants from the market regulator the Securities and Exchange Board of India.

The tribunal, on Friday, was hearing a matter related to a plea filed by RIL against the market regulator for rejecting its consent application to settle an insider-trading matter.

Adjourning the case till July 22, SAT presiding officer Jog Singh asked senior advocate Janak Dwarkadas, who is representing RIL, to submit the final documents on the said day post which it will not be entertained. The appellate had in the last hearing on April 8 had asked the oil and gas major to file a reply with the documents but the company failed to do so citing some personal emergency.

SAT also directed the regulator to go through the list of documents demanded by RIL and share the same “if it is satisfied with the relevance of the documents.”

Meanwhile, advocate general of Maharashtra Darius Khambatta, who is representing SEBI in this case, said that the delay on part of RIL is impacting the adjudication process. “Six times in the past we have called them (RIL) for hearing but none of them have appeared,” Khambatta said.In this case, RIL has been allegedly engaged in insider-trading in sale of shares during the merger of its erstwhile subsidiary Reliance Petroleum in 2007 wherein it made unlawful gains of over Rs 530 crore.

priyanka.pani@theindu.co.in

Related Topics