The Bombay High Court has adjourned a case relating to a petition filed by the SEBI against Central Information Commission (CIC) to December 3.

On November 22, the market regulator had filed a petition against CIC, the country’s apex body monitoring the enforcement of the Right to Information (RTI) Act, after its Chief Information Commissioner Satyananda Mishra asked SEBI to disclose all details related to an insider-trading case involving Reliance Industries Ltd in 2007.

CIC directed SEBI to disclose all the details following an RTI application filed by a Bangalore-based lawyer Arun Kumar Agarwal. The alleged case relates to the merger of RPL with Reliance Industries and the short sale of shares in the former by entities related to the latter ahead of that amalgamation that led to RIL gaining around Rs 500 crore in 2007.

SEBI’s refusal

However, SEBI is against disclosing the identities of the entities under the scanner as the probe is not yet completed and any such disclosure could impact the ongoing investigation.

Adjourning the case, Justice A.M. Khanwilkar and Justice Mridula Bhatkar, said that Delhi High Court has already issued notices to SEBI and RTI applicant Arun Agrawal based on a petition filed by RIL against CIC in that court last week.

Meanwhile, Mukesh Ambani-owned RIL and SEBI have been trying to resolve the case through a so-called consent process, in which the individual or entity being investigated pays a fine and the regulator drops the case and also all charges of wrongdoing.

(This article was published on November 27, 2012)
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