Reliance Industries Claims Partial Victory, Says Appeal Was Maintainable
After losing an appeal against the Securities and Exchange Board of India (Sebi) before the Securities Appellate Tribunal (SAT), Reliance Industries Ltd (RIL) on Monday put the blame on passage of retrospective-effect ordinances giving extra powers to the market regulator.
Billionaire Mukesh Ambani-led Reliance Industries maintained the market watchdog was wrong in refusing to settle the dispute through consent.
The company also claimed partial victory in the case. Defending its case, RIL said in a statement, "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.
Earlier in the day, the tribunal 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. (Read full story)
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.
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