Delhi HC sets aside CIC order in RIL case

The Delhi High Court today set aside an November 6 order passed by Chief Information Commission (CIC) directing capital market regulator Securities and Exchange Board of India (Sebi) to disclose information in the 2007 Reliance Industries (RIL) insider trading case.

The order was set aside on the grounds that RIL was given an opportunity to be heard in the matter.

The court remanded the case back to CIC asking them to issue notices to both RIL and petitioner Arun Agarwal.

Abhishek Manu Singhvi, appearing on behalf of RIL, said that the company was not given an opportunity to be heard while the order was passed by CIC and this was against natural justice

The court also clarified that it is not taking any call based on the merit of

the case and the decision to set aside is only on the ground that opportunity was not given to RIL.