After losing an appeal against Sebi before Securities Appellate Tribunal, RIL today put the blame on passage of retrospective-effect ordinances giving extra powers to Sebi and maintained that the markets regulator was wrong in refusing to settle the dispute through consent.
The company also claimed partial victory in the case.
Defending its case, RIL in a statement said: "This appeal was maintainable and the rejection of the consent application was wrong.
"Clearly the appeal would have been allowed had it not been for the Ordinances having retrospective effect and that its appeal was maintainable as per Sebi Act before retrospective amendment," RIL said.
The Securities Appellate Tribunal today dismissed Reliance Industries' appeal against Sebi for rejecting its consent application for alleged violations of norms in dealings with RPL shares but came down heavily on the market regulator over the way in which it handled the issue.
RIL went on to claim that its consent plea was disposed of without giving it an opportunity to present consent proposal before Sebi's internal committee.
"...SAT has held that any consent proceedings without RIL having these documents in hand cannot be a valid consent proceeding. Therefore, our appeal is maintainable," RIL said.
However, RIL said that since section 15JB(4) is inserted into the Sebi Act with retrospective effect from April 20, 2007, SAT has no option but to dismiss RIL's appeal as Section 15JB(4) in is operation and therefore SAT has no option, but to dismiss.
