Selective disclosure by SEBI amounts to cherry-picking which derogates commitment to fair trial: SC

Reliance Industries Limited Vs Securities and Exchange Board of India & Ors. (Supreme Court) Held that 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 cherry­picking. Facts-  complaint was filed by one Shri S. Gurumurthy, with the SEBI against Reliance Industries Ltd. (RIL), its associate companies and its directors, alleging that they fraudulently allotted 12 crore equity shares of RIL to entities purportedly connected with the...