The Securities Appellate Tribunal (SAT), on Monday, concluded the hearing, and reserved its verdict on a case by Reliance Industries Ltd (RIL) against the Securities and Exchange Board of India’s rejection of the firm’s consent application for an alleged insider-trading case.
The SAT concluded the hearing on the matter under which RIL challenged SEBI’s decision to take the case out of the consent mechanism process, saying the amount involved was too large.
Senior RIL counsel Janak Dwarkadas requested SAT to ask SEBI to fix a time-table for hearing the consent application once again.
The consent mechanism allows companies and individuals to settle their disputes with SEBI by paying a sum without admission or denial of the alleged wrongdoing, but disgorgement of any ill-gotten gains.
The matter dates back to 2007, when RIL, prior to the merger of Reliance Petroleum with itself, allegedly short-sold 4.1 per cent stake in RPL valued at Rs.4,023 crore to prevent a slump in the stock.