SAT adjourns hearing in RIL-Sebi matter to Sep 25

An intervening petition was filed by Dr M Furquan, editor of an Urdu daily, Sach Bilkul Sach, on ground of public interest

The Securities Appellate Tribunal (SAT) today adjourned hearing to September 25 on Reliance Industries' (RIL) appeal against market regulator Securities and Exchange Board of India (BSE) following an intervening petition filed by an Urdu daily.

An intervening petition was filed by Dr M Furquan, the editor of an Urdu daily, Sach Bilkul Sach, on ground of public interest.

Lawyers asked the tribunal for more time to seek instruction on the application and to file replies on the same.

RIL has filed a petition before SAT against Sebi in a case related to alleged violation of insider trading norms in sale of shares of the company's erstwhile subsidiary Reliance Petroleum (RPL)

RIL has is challenging Sebi's refusal to settle the case through the consent mechanism, while Sebi has opposed the appeal terming it as 'not maintainable'.