SAT rejects plea of Urdu Daily’s editor in RIL case

The Securities Appellate Tribunal ( SAT ) on Wednesday rejected a petition by the editor of an Urdu daily seeking to be made a party in a six-year-old case related to alleged insider trading by Reliance Industries , the country’s biggest private sector enterprise.The tribunal also adjourned to October 11 hearing on an appeal filed by the company against the Securities and Exchange Board of India’s decision to reject its consent application to settle the insider trading matter.Dismissing the intervention petition of M Furqan, editor of Uttar Pradesh-based ‘Sach Bilkul Sach’ Urdu daily, a three-judge bench said the petitioner can approach a high court or the SC. Furqan had alleged collusion between RIL and Sebi to settle the insider trading matter.“The power to proceed against any company or individual is with Sebi as a regulator and private party can not come and force to settle the case,” argued Darius Khambata, advocate general of Maharashtra, who was representing the capital market regulator in the case.“Our contention is that the appeal is not maintainable.” Billionaire Mukesh Ambanicontrolled RIL had moved the tribunal after Sebi rejected its consent application to settle the insider trading matter.According to submissions made by the Sebi counsel, RIL is alleged to have made unlawful gains of . 5130000000 by selling shares of the company’s erstwhile subsidiary, Reliance Petroleum, in 2007.