Mumbai: The Securities Apellate Tribunal (SAT) adjourned a hearing on the admission of an appeal filed by Reliance Industries Ltd (RIL) against the Securities and Exchange Board of India (Sebi) in a case related to allegations of insider trading. The hearing was adjourned to 24 January.
RIL has challenged the show-cause notice issued by Sebi in December 2010 in the case on the grounds that it wasn’t given adequate access to the documents on which the notice had been based. It has also challenged the regulator taking the case out of the consent process, which allows for a settlement without the admission of any wrongdoing.
Sebi lawyer Shiraz Rustomjee said RIL’s petition had been served on the regulator just the day before, not giving it enough time to prepare arguments.