The Supreme Court granted Reliance Industries Limited (RIL) access to certain documents used by the Securities and Exchange Board of India (SEBI) in its investigation into a share acquisition case on Friday.
A Bench of Chief Justice of India N.V. Ramana, Justice J.K. Maheshwari, and Justice Hima Kohli voiced their opinions while granting Reliance Industries Limited (RIL) access to certain documents relied on by SEBI in connection with the company’s acquisition of its own shares.
The Supreme Court asked SEBI to provide the records requested by RIL, stating that SEBI has an obligation to act fairly.
RIL has petitioned the Supreme Court, contesting a Bombay High Court ruling that denied its request for access to specific records in order to prove its innocence on SEBI accusations.
S Gurumurthy had filed a complaint with SEBI in 2002, alleging irregularities by RIL, when it acquired its own shares between 1994-2000.
The market regulator moved the City Civil and Sessions Court in 2020, seeking prosecution of RIL. However, SEBI`s plea was rejected on the grounds that there was a delay of 18 years in acting on the complaint.
SEBI then moved the Bombay High Court. RIL also filed a plea in the High Court, seeking three documents relied upon by SEBI, which was rejected, leading to the present petition.