SAT adjourns RIL case to June 14

The Securities Appellate Tribunal (SAT), on Monday, adjourned its hearing till June 14 on Reliance Industries’ appeal against the Securities and Exchange Board of India (SEBI), and asked the two parties to make written submissions in the meantime, in a case involving the market regulator’s consent settlement mechanism. RIL has filed a petition before SAT against SEBI’s rejection of its application for ‘consent settlement’ of a probe into alleged violation of insider trading norms in sale of shares of the company’s erstwhile subsidiary RPL. After hearing the matter, SAT asked SEBI to file its reply on RIL’s appeal within four weeks. The tribunal also asked RIL to file its rejoinder to SEBI’s submission within the subsequent four weeks and posted its further hearing in the matter for June 14. — PTI