SAT directs Sebi to pass fresh order in RIL's Network18 buy

Sebi did not pass an order in the matter but conveyed its decision to SAT through a signed affidavit

The Securities Appellate Tribunal (SAT) has directed the Securities and Exchange Board of India (Sebi) to conduct a fresh probe into the acquisition of Network18 Media & Investments by Reliance Industries Ltd (RIL) through its subsidiary Independent Media Trust (IMT).

In a 19-page order released on Friday, the tribunal pulled up Sebi for not following the instructions it gave on this in an order dated April 13, 2016.

The issue is whether RIL violated the listing norms while taking control of Network18. 

Petitioners have alleged that RIL took indirect control of Network18 by subscribing to the so-called zero coupon, optionally and fully convertible