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This is an archive article published on March 7, 2013

Bombay HC disposes Sebi petition on CIC order

A division bench of the Bombay High Court on Wednesday disposed of a petition filed by market regulator Sebi,which had challenged an order of the Central Information Commission

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A division bench of the Bombay High Court on Wednesday disposed of a petition filed by market regulator Sebi,which had challenged an order of the Central Information Commission CIC.

The CIC had directed Sebi to disclose information pertaining to allegations of insider trading by Reliance Industries Limited.

A bench of Justices SJ Vazifdar and Mridula Bhatkar disposed of the case after being informed that the Delhi High Court has set aside the order of the CIC and remanded the matter back to the authority asking it to make a fresh decision.

RIL has told the court that the first order of the CIC had been passed without giving it a proper hearing and was against the principles of natural justice. The Delhi HCs order was passed on January 30.

 

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