Monday, Nov 24, 2014

SAT dismisses Reliance Industries’ appeal against Sebi

SAT says RIL cannot challenge Sebi decision to exclude it from consent process as new norms have been passed retrospectively. (AP) SAT says RIL cannot challenge Sebi decision to exclude it from consent process as new norms have been passed retrospectively. (AP)
PTI | Mumbai | Posted: June 30, 2014 3:28 pm | Updated: June 30, 2014 3:31 pm

The Securities Appellate Tribunal today upheld a Sebi decision rejecting Reliance Industries Ltd’s application to settle alleged violations of norms to check fraudulent and unfair trade practices in the RIL-Reliance Petroleum merger case through a consent mechanism.

The tribunal said Reliance’s application is not maintainable because the new consent mechanism norms are applicable with retrospective effect.

A full bench of the SAT, headed by presiding officer JP Devdhar, said the consent mechanism norms in the Sebi Act were amended with retrospective effect from April 2010.

Reliance has been contesting a show-cause notice from the Securities & Exchange Board of India (Sebi) in the case since December 2010 and from last year, the regulator’s exclusion of the company from the new consent mechanism.

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