SC to SEBI: Provide documents to RIL regarding share acquisition

SC to SEBI: Provide documents to RIL regarding share acquisition

Tribune News Service

New Delhi, August 5

In a relief to Reliance Industries Ltd (RIL), the Supreme Court on Friday directed SEBI to give RIL access to certain documents relied upon by the market regulator in its probe into a share acquisition matter. “In the case at hand, SEBI could not have claimed privilege over certain parts of the documents and at the same time, agreeing to disclose some part. Such selective disclosure cannot be countenanced in law as it clearly amounts to cherry-picking,” a three-judge Bench headed by CJI NV Ramana said.

Initiating frivolous criminal actions against large corporations would give rise to adverse economic consequences for the country in the long run. — SC Bench

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