The Pinnacle Court gives legal order to Sebi on the plea of Reliance Ltd for files

The Top Court made an order to the SEBI today, 7th November on Reliance Industries Ltd’s case, ordering some documents from the regulator.

Top court bench noted that “We issued a notice to Sebi in the matter. We will consider it”.

On August 5, the court directed the regulator to provide the necessary documents to Reliance. Following this Sebi filed a review petition in the matter on September 29.

In the August 5th order it said that "Sebi as a regulator has a duty to act fairly. It is not to circumvent the rule of law and has to show fairness. We direct Sebi to furnish the document sought by RIL [Reliance]”. 

Advocate Harish Salve representing Reliance noted that “The court had passed the order on 5 August and we are on 7 November.... Despite repeated requests, Sebi has not taken any action with respect to providing the documents".

Reliance has requested access to some documents relied upon by Sebi in a case relating to a serious acquisition matter. 

Sebi denied to entertain RIL’s favour to deliver the files saying that according to Sebi (Settlement Proceedings) Regulations, the company has no right to demand information from it. 

The Apex Court denied Sebi’s say today as per the report.