SAT adjourns RIL-Sebi case hearing

The Securities Appellate Tribunal (SAT) today adjourned hearing on Reliance Industries Ltd's (RIL) appeal against the Securities and Exchange Board of India (Sebi) till March 14.

RIL had sought to settle a probe by Sebi into alleged violation of insider-trading norms in the sale of shares of its erstwhile subsidiary, Reliance Petroleum Ltd, in 2007. RIL counsel Somasekhar Sundaram sought adjournment on the ground that he was not prepared, granted by the tribunal. RIL had sought to settle the case with Sebi through the consent mechanism but the regulator refused, following which the company filed an appeal in SAT.