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The Securities Appellate Tribunal adjourned hearing on Reliance Industries' appeal against market regulator Sebi till March 14.
The Securities Appellate Tribunal (SAT) today adjourned hearing on Reliance Industries appeal against market regulator Sebi till March 14.
RIL had sought to settle a probe by Sebi into the alleged violation of insider-trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum in 2007.
Reliance Industries' appeal against Securities and Exchange Board of India (Sebi) was earlier scheduled for January 24, but was adjourned till February 21.
RIL's application to settle the matter under Sebi's consent mechanism was rejected following which the company filed an appeal in SAT.
RIL has challenged Sebi's decision rejecting its application and also the recent changes made by the regulator in the regulations governing settlement of cases through the consent mechanism, especially for cases already under
Under Sebi's consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains.
In May 2012, Sebi had tightened the norms for settlement through consent framework, as a result of which many cases, including those related to insider-trading, are not being able to be settled through this mechanism.
On January 3, Sebi published a list of 149 consent pleas,including 16 from entities related to RIL group, which it had found unsuitable for settlement through consent process.
These include applications of RIL itself and that of RIL Chairman Mukesh Ambani's close aide Manoj Modi.
Reliance stock price
On April 17, 2014, Reliance Industries closed at Rs 958.75, up Rs 17.70, or 1.88 percent. The 52-week high of the share was Rs 972.90 and the 52-week low was Rs 765.00.
The company's trailing 12-month (TTM) EPS was at Rs 67.89 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 14.12. The latest book value of the company is Rs 556.90 per share. At current value, the price-to-book value of the company is 1.72.
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1695.04 -5.87 -0.35%
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