Mumbai, June 26 (PTI): A full bench of the Securities Appellate Tribunal (SAT), headed by presiding officer J.P. Devdhar, today concluded the hearing on the nearly four-year-long insider trading case against Reliance Industries and said it would pronounce the order on June 30.
RIL has been fighting against market watchdog Sebi in the alleged insider-trading case since December 2010 and since last year, the regulator’s exclusion of the company from the new consent mechanism.
The case dates back to 2008, when Sebi alleged insider trading against RIL while merging its subsidiary Reliance Petroleum (RPL) with itself in 2007, and the Mukesh Ambani-led company challenged the charges at the SAT in December 2010.
If RIL loses the case at the SAT on Monday, it could be asked to pay over Rs 1,500 crore, as according to Sebi, RIL made a profit of Rs 513 crore out of this trade. The new consent mechanism allows Sebi to charge up to three times the ill-gotten profit by way of insider trading.