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The hearing of SEBI's review petition in the Price Waterhouse case with the Securities Appellate Tribunal (SAT) was adjourned on Friday as the counsels were not present.
SEBI had chosen to file a review petition with SAT as against the normal practice of approaching the Supreme Court whenever a SAT decision goes against the regulator.
SEBI filed its review petition on finding that the Tribunal in its decision (on June 1) in the PW case had incorrectly included the names of Ramalinga Raju and Rama Raju in the list of witnesses cross examined by SEBI.
SAT had directed SEBI to allow cross examination of the Raju brothers by Price Waterhouse. Since SEBI had not relied upon the statements of Ramalinga Raju and Rama Raju in its show cause notice to Price Waterhouse, it therefore filed a review petition with SAT on this issue instead of approaching the Apex Court.
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