SAT adjourns RIL plea against Sebi's disgorgement order till June 20

The Securities Appellate Tribunal (SAT) on Thursday adjourned hearing in the appeal filed by Reliance Industries (RIL) against the Securities and Exchange Board of India’s (Sebi’s) disgorgement order. The tribunal will hear the matter on June 20.

RIL has moved SAT against Sebi order, directing it to disgorge Rs4.5 billion made “unlawfully” by dealing in shares of its erstwhile subsidiary Reliance Petroleum (RPL).

On Thursday, senior counsel Harish Salve and Janak Dwarkadas appeared on behalf of RIL, seeking a stay on the Sebi order. 

The tribunal said it would hear both the parties on June 20.
 

SAT admitted RIL’s plea in May 2017, two months after Sebi passed the order.

In March 2017, the market regulator barred RIL from the futures and options segment for a year and asked it to settle all existing open positions. It will also have to pay 12 per cent interest on the disgorgement amount since November 29, 2007.

The case dates back to 2007, when RIL and other related entities took short positions in RPL in the derivatives segment ahead of a large block sale in the cash segment. 
 

The share sale caused the stock price of RPL to dip in the cash and derivatives segments, resulting in a gain of Rs 5.13 billion.