Sebi rejects 149 insider trading consent pleas from India Infoline, HSBC Investdirect Securities, Reliance Industries others
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Manoj Modi is considered a close aide of Mukesh Ambani and also serves on key positions in some of the RIL companies.
In the RPL matter, Sebi has rejected consent pleas of Reliance Industries Ltd itself, as also that of Reliance ports & Terminals Ltd, LPG Infrastructure (India) Ltd and Vinamra Universal Traders.
The other applicants in this matter were Gujarat Petcoke and Petroproducts Supply, Relogistics (Rajasthan) Pvt Ltd, Relogistics (India) Pvt Ltd, Relpol Plastic Products, Darshan Securities, Fine Tech Commercials, Dharti Investment & Holdings, Aarthik Commercials and Mo Tech Software.
RIL has approached Securities Appellate Tribunal (SAT) against Sebi and its application was earlier scheduled to be heard today for admission by the SAT. However, the Tribunal has deferred the matter to January 11 for hearing.
RIL had earlier also sought to settle the matter through consent mechanism at least twice, but the proposals were rejected by Sebi terming the proposed charges as too less. As per Sebi's preliminary investigations, RIL is said to have gained nearly Rs 4,500 crore through sale of shares in RPL, pegging the total charges for consent settlement at nearly three-times of this amount as per earlier consent regulations.
RIL's appeal before SAT follows fresh show-cause notices issued by Sebi to the corporate giant with regard to the alleged irregularities in its share dealings, sources said.
In the past also, Sebi has issued show-cause notices to RIL in cases involving sale of shares of RPL and allotment of shares to certain firms against warrants linked to privately placed debentures issued by RIL.
In the case involving sale of shares of RPL, Sebi is said to have been investigating for a long time the alleged violation of insider trading regulations by RIL.
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