SAT order on Reliance Industries insider trading case today

Jun 30 2014, 07:45 IST
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On Feb 22, 2007, Sebi initiates probe pertaining to the dealings in the shares of Reliance Group’s Indian Petrochemicals (IPCL). Reuters On Feb 22, 2007, Sebi initiates probe pertaining to the dealings in the shares of Reliance Group’s Indian Petrochemicals (IPCL). Reuters
SummaryThe RIL case has gone through several turns in the last seven years. Here's the timeline:

16 from entities related to the RIL Group, which it had found unsuitable for settlement through a consent process.

May 2 – Sebi finds RIL guilty of violating the insider trading regulations in its dealings in the shares of IPCL, a subsidiary of RIL. Sebi passes order in the case of insider trading and imposes a penalty of R11 crore in the six-year-old insider trading case. Sebi says RPL made profits of over R3.82 crore through these trades. Sebi directs RIL to pay the penalty within 45 days.

Oct 29 – SAT rejects consent plea for the third time. SAT adjourns the Sebi-RIL case to Nov 11.

* 2014

Jan 15 – Sebi’s new regulation for settling violations through the so-called ‘consent mechanism’ delays the SAT ruling on RIL’s appeal. The tribunal seeks clarifications from both Sebi and RIL on the implications of the new consent norms on the appeal.

Jun 18 – RIL gives update on the case in its annual report for the fiscal 2013-14. Says that Sebi has issued showcause notices during last three years in connection with three issues. These have been listed as “sale of shares of erstwhile RPL; the allotment of the company’s equity shares to certain companies against detachable warrants attached to privately placed debentures issued by the company and disclosure of earnings per share (EPS) and diluted EPS in the filing with stock exchanges in respect of shares against warrants issued in April, 2007”.

Jun 26 – SAT says it will announce verdict in the Sebi-RIL alleged insider trading case on Jun 30.

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