Sebi rejects consent pleas of Reliance Industries, others in alleged insider trading case
- Winter session Day 1: Govt talks about misuse of word 'secularism', Sonia raises 'intolerance' debate
- Sheena murder: CBI seeks Interpol help, Peter Mukerjea's custody extended till Nov 30
- PPCC chief Bajwa and Jakhar made to resign as rejig in Punjab Congress imminent
- Constitution Day: The many reasons why the BJP decided to celebrate it
- India-Pakistan series to be played from December 15 in Sri Lanka: Rajiv Shukla
The Securities and Exchange Board of India (Sebi) has rejected consent applications of Reliance Industries and 12 other entities in a case involving alleged insider trading in the shares of erstwhile Reliance Petroleum.
RIL has, meanwhile, approached the Securities Appellate Tribunal (SAT) against Sebi which had issued show-cause notices to the company last month on the issue. The hearing which was scheduled for Friday will instead be heard on January 11.
After the rejection of the consent plea the case will now again come up for hearing before a Sebi bench.
A release issued by Sebi said, "The consent applications have been rejected... The pending proceedings in these cases will continue in accordance with law."
The list includes apart from RIL, Reliance Ports and Terminals, LPG Infrastructure (India), Vinamra Universal Traders, Gujarat Petcoke and Petroproducts Supply Private Ltd, Relogistics (Rajasthan) Private Ltd, Relogistics (India) Private Ltd, Relpol Plastic Products Private Ltd, Darshan Securities Private Ltd, Fine Tech Commercials Private Limited, Dharti Investment & Holdings Limited, Aarthik Commercials Private Ltd and Mo Tech Software Ltd. These entities were involved in insider trading in Reliance Petroleum shares on behalf of RIL.
Last year, the Central Information Commission (CIC) had asked Sebi to release the names of the parties allegedly involved in the insider trading case. But Sebi had approached the Bombay High Court contending that such a disclosure of information would hamper on going investigations in the matter. The list however does not say if these are the same entities about whom the Commission has asked for.
In response the Bombay High Court had last month directed that RIL be made a party to the dispute between Sebi and the CIC.
The CIC order was a response to a right to information application that sought the names of entities alleged involved in insider trading of Reliance Petroleum shares.
- Why every patriot should be worried, and, yes, ashamed
- Douglass North emphasised institutions when markets were the focus
- ‘Bovine Divine’ controversy lurched between the horrific and the comic
- PM Modi’s achievements abroad appear to cut little ice back home
- Post 13/11 sloganeering at Antalya and Kuala Lumpur won’t be enough
- Can Parliament be insulated from the vagaries of the political climate?