Reliance Industries has moved the Supreme Court seeking a direction to the Securities and Exchange Board of India (Sebi) to give it access to certain documents that it thinks will exonerate it and its promoters from criminal prosecution by the regulator in a case related to the acquisition of RIL shares between 1994-2000.
Sebi had alleged that RIL along with Reliance Petroleum had “circuitously funded the acquisition of its own shares” in violation of the Sections 77 and 77A of the Companies Act, 1956 and the market regulator’s then takeover code, among various other regulations.
An SC Bench led by Chief Justice NV Ramana sought response from Sebi on the RIL appeal against the Bombay High Court’s March 28 order that refused to grant any relief for production of material gathered by the regulator. The high court had said it will hear Sebi’s appeal against a Sebi Special Court decision along with RIL’s plea raising objections to the criminal case.
