The Bombay High Court today disposed off Sebi's petition against a CIC order that directed Sebi to disclose investigation details into the Reliance Industries Limited (RIL) insider trading case, reports Ashmit Kumar of CNBC-TV18.
Based on an RTI filed by a lawyer-activist Arun Agarwal, the CIC in November 2012 passed an order whereby it directed Sebi to disclose investigation details into RIL's insider trading case.
Reliance had disputed the order in the Delhi High Court. Meanwhile, Sebi had challenged that order in the Bombay High Court. Reliance contended that it was not heard by the CIC.
Based on these grounds, the Delhi High Court in January 2013 set aside the order, and today on the back of the Delhi High Court order, the Bombay High Court observed that in light of the impugned order having been remanded back to the CIC. The question of a petition against the order does not arise. Hence, the order has been disposed off and the matter currently rests with the CIC.