)
The Securities Appellate Tribunal (SAT) today adjourned the hearing in the Reliance Industries Limited (RIL) insider trading case to December 2.
The matter was supposed to be heard on November 15. However, due to sudden change in the holiday calendar, it had got postponed to today.
RIL's appeal before SAT is the manner in which its consent application was rejected by Securities and Exchange Board of India (Sebi) and also the regulator's refusal to provide documents it had sought pertaining to the case.
During one of the previous hearings, SAT had asked if Sebi could reconsider RIL’s consent application.
The market regulator has refused to reconsider the consent plea, stating that SAT should instead decide.
Under the consent mechanism, charges of wrongdoing against an entity are settled through payment of a monetary penalty without admitting or denying guilt.
SAT is a quasi-judicial body which hears and decides on appeals against the capital market regulator Sebi.
The RIL insider trading case involving its erstwhile subsidiary Reliance Petroleum Ltd (RPL) dates back to 2007. The company has allegedly made undue gains of Rs 513 crore by trading in RPL shares in the derivatives segment.
