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The Securities and Exchange Board of India has refused to consider a consent application filed by Mukesh Ambani-led Reliance Industries in an alleged insider trading case as directed by the Securities Appellate Tribunal.
Advocate General of Maharashtra Darius Khambatta who is arguing on behalf of SEBI, said the market regulator wants the tribunal to decide on the issue. The matter will now be heard on November 11.
The tribunal, in the last hearing, had asked SEBI to consider the consent application filed by RIL in the interest of justice and also to file a rejoinder.
The case relates to an alleged violation of insider trading norms in the sale of shares of its erstwhile subsidiary, Reliance Petroleum, in 2007.
The company had submitted a consent application to SEBI in 2010 through which companies could seek to settle cases with the regulator after paying certain charges and disgorgement of any ill-gotten gains. However, the application was rejected.
Following this, the Mukesh Ambani-led conglomerate dragged the market regulator to the tribunal challenging the rejection of the consent application.
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