Reliance Industries case adjourned to August 12

The Securities Appellate Tribunal on Friday adjourned the hearing on Reliance Industries (RIL) appeal challenging Rs 13-crore penalty imposed by Sebi for alleged non-disclosure of a key earnings ratio by the Mukesh Ambani-led conglomerate.

The tribunal will resume hearing on the matter from August 12. In August last year, Sebi had slapped Rs 13 crore fine on RIL for alleged irregularities in issuance of 12 crore warrants in April, 2007 to its promoters entitling its holders to subscribe to an equivalent number of equity shares of the company. 

The company challenged the Sebi order in the tribunal. Hearing the case today, SAT has asked both the parties to make certain submissions related to the findings and gave time till August 12 to submit replies.