RIL: SC dismisses Sebi’s overview petition in RIL case

Mumbai: The Supreme Court docket has dismissed a petition filed by the Securities and Change Board of India, looking for the overview of an August 5 order directing the regulator to share sure paperwork with .

A 3-member bench dismissed Sebi’s plea by a 2:1 majority opinion.

In response to the current order, uploaded by the court docket registry final Friday, the then Chief Justice of India, UU Lalit, favoured the problem of discover in Sebi’s petition, whereas Justices JK Maheshwari and Hima Kohli didn’t agree with it. “In view of the bulk opinion, the overview petition stands dismissed,” it mentioned.

In its August 5 order, the court docket had directed Sebi to share with

Industries copies of a report by chartered accountant YH Malegam and the primary and second opinions given by retired SC decide BN Srikrishna in a two-decade-old case.

These paperwork are associated to a 2002 grievance filed by S Gurumurthy with Sebi towards Reliance, its affiliate corporations and administrators.

The grievance alleged that Reliance had fraudulently allotted 120 million fairness shares to entities purportedly linked with the promoters, and that the allotment had been funded by Reliance and different group corporations.

Sebi filed a petition on September 29, looking for a overview of the order.

“After cautious perusal of the averments made within the Overview Petition, in my view, no believable floor to entertain the petition, or to overview the judgment dated 05.08.2022 is made out. The grounds urged don’t fall throughout the restricted parameters of overview jurisdiction,” Justice Maheshwari mentioned in his order.