 "SAT to dispose of RIL insider trading case this month")
J P Devadhar, presiding officer, SAT, said, “We are concerned about the case as it is of 2010. Both the parties are responsible for delaying the closure of this case. We want to dispose of the case by the end of December.”
Devadhar said no further adjournments will be granted in this case.
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RIL’s appeals before SAT are pertaining to the matter in which it's consent application was rejected by Sebi and also the market regulator's refusal to provide documents it had sought pertaining to the case.
The tribunal, which hears on appeals made against Sebi, also asked RIL not to change its stance on the number of documents it wants.
RIL counsel Janak Dwarkadas on Tuesday asked for eight more documents from Sebi related to the case. The counsel, had earlier, said that the company needs the documents in order have a 'meaningful dialogue' with Sebi.
The insider trading case dates back to 2007, when RIL had allegedly made unlawful gains of around Rs 513 crore by trading in the shares of erstwhile Reliance Petroleum (RPL) during the merger between the two.
Sebi, which investigated the matter in 2008, had issued a show-cause notice to RIL in the case in 2010. RIL and Sebi, in 2011, were in talks to settle the case through the consent route. However, the regulator later decided not to settle the case through the consent route.
Last year, Sebi had tightened the norms for settling cases through the consent process. In a circular issued in May 2012, Sebi had said serious offenses, such as insider trading and front running, will be kept out of consent settlement.
The consent process, is a settlement of regulatory proceedings between Sebi and alleged violator without admission or denial of the guilt. The market regulator imposes a fine and also a voluntary ban in some cases, while settling cases through consent.