SC directs SEBI to provide documents sought by RIL in share acquisition probe


PTI, Aug 5, 2022, 12:07 PM IST

The Supreme Court on Friday directed market regulator, the Securities and Exchange Board of India (SEBI), to give Reliance Industries Ltd (RIL) access to certain documents which have been relied upon by it in its probe into a share acquisition matter.

In a major relief to RIL, a bench headed by Chief Justice N V Ramana said the market regulator has a “duty to act fairly” and asked it to share relied upon documents to the private firm, which claimed that these papers exonerate it.

“The SEBI is a regulator and has a duty to act fairly. It is not to circumvent the rule of law and they have to show fairness. We allow this and direct SEBI to furnish the document sought by RIL,” the CJI said while allowing the appeal of RIL.

The verdict came on an appeal of the RIL which had moved the top court against the judgement of the Bombay High Court. The high court had rejected the RIL’s plea to access documents relied upon by the market regulator. SEBI alleged irregularities in its own share acquisition by RIL during 1994 to 2000 and the case had arisen following a complaint by one S Gurumurthy to the market regulator.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Software engineer in Bengaluru loses Rs 11.8 crore to ‘digital arrest’ scam

Apologise for always insulting Ambedkar instead of doing drama: BJP to Cong on campaign against Shah

No question of forgiving BJP MLC Ravi at any cost for using derogatory word : Minister Laxmi Hebbalkar

Derogatory word against minister: AICC leader Surjewala calls for strict action against BJP MLC

Case registered against unknown persons who attempted to attack BJP MLC Ravi

Delhi polls: BJP issues ‘chargesheet’ against Kejriwal; vows to remove AAP from power

PVR INOX rejigs media biz, appoints Chief Sales Officer Shalu Sabharwal as head

Related Articles More

Centre scraps ‘no-detention policy’ for classes 5 and 8 students

Apologise for always insulting Ambedkar instead of doing drama: BJP to Cong on campaign against Shah

Farmer who threatened to commit suicide asked to cough up Rs 9.9 lakh by police for security arrangements

Unnao rape survivor father’s death: Delhi HC extends Kuldeep Sengar’s interim bail till January 20

Police to train Delhi school teachers to deal with bomb threats

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Centre scraps ‘no-detention policy’ for classes 5 and 8 students

Software engineer in Bengaluru loses Rs 11.8 crore to ‘digital arrest’ scam

Apologise for always insulting Ambedkar instead of doing drama: BJP to Cong on campaign against Shah

Farmer who threatened to commit suicide asked to cough up Rs 9.9 lakh by police for security arrangements

No question of forgiving BJP MLC Ravi at any cost for using derogatory word : Minister Laxmi Hebbalkar

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.