RIL-SEBI case: SAT adjourns final hearing to July 22

The Securities Appellate Tribunal (SAT) on Friday adjourned the hearing on Reliance Industries Ltd (RIL) plea against SEBI in the insider trading case for the fourth time

The Securities Appellate Tribunal (SAT) on Friday adjourned the hearing on Reliance Industries Ltd (RIL) plea against SEBI in the insider trading case, for the fourth time in a row, to July 22 as the company sought more time to file its response.

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RIL counsel Janak Dwarakadas informed the SAT presiding officer Jog Singh that they could not file the reply as the company’s appointed person could not prepare the papers as his father was hospitalised. The SEBI counsel noted that the continuous adjournments that the company is seeking will further delay the ongoing adjudication process into the case.

The matter was last heard by SAT on February 21, when the Tribunal sought time to study the application, which SEBI terms as “not maintainable”. Since then RIL has been seeking adjournment. The case was then adjourned in March, April and May and Friday as well. A RIL spokesman declined to provide further information.

The tribunal head told the RIL counsel that before the next hearing, slated for July 22 and which will be the final hearing, the firm should file its response, failing which it would not entertain the reply.