SEBI has challenged in the Bombay High Court an order of the Central Information Commission to make public action taken by it on a complaint against Reliance Industries Ltd in the year 2000 on the sale of 12 crore shares for the benefit of its promoters.
The transparency panel had directed the market regulator to provide details of action taken on the complaint of S Gurumurthy of Swadeshi Jagran Manch “regarding the allotment of shares to the promoters of RIL through preferential allotment to 34 Ambani companies” sought by RTI applicant Arun Kumar Agrawal.
“It is admitted by respondents that the investigations in the matter referred to by the appellant is decidedly over. In the face of it, the claim that its disclosure would impede the process of investigation becomes untenable,” the Commission had held.
