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.
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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.