The Securities Appellate Tribunal today adjourned hearing on Reliance Industries’ appeal against market regulator SEBI till March 14.
RIL had sought to settle a probe by SEBI into the alleged violation of insider-trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum in 2007.
Reliance counsel Somasekhar Sundaram sought adjournment on the ground that he was not prepared, which was granted by the tribunal.
RIL has sought to settle the case with SEBI through the consent mechanism but the regulator refused, following which the company filed an appeal in SAT.
Reliance Industries’ appeal against SEBI was earlier scheduled for January 24, but was adjourned for today.
RIL has challenged the >SEBI’s decision and also the recent changes made by the regulator in regulations governing settlement of cases through the consent mechanism, especially for cases already under consideration.
Under SEBI’s consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill—gotten gains.
In May 2012, SEBI had >tightened the norms for settlement through consent framework, as a result of which many cases, including those related to insider trading, are not being able to be settled through this mechanism.
On January 3, SEBI published a list of 149 consent pleas, including 16 from entities related to RIL group, which it had found unsuitable for settlement through consent process.
These include applications of RIL itself and that of RIL Chairman Mukesh Ambani’s close aide Manoj Modi.