Relief to Reliance: Supreme Court tells SEBI ‘act fairly’, provide documents to RIL in share acquisition probe

The Supreme Court on Friday directed market regulator, the Securities and Exchange Board of India (SEBI), to give Reliance Industries Ltd (RIL) access to certain documents which have been relied upon by it in its probe into a share acquisition matter. In a major relief to RIL, a bench headed by Chief Justice N V Ramana said the market regulator has a “duty to act fairly” and asked it to share relied upon documents to the private firm, which claimed that these papers exonerate it. “The SEBI is a regulator and has a duty to act fairly. It is not to circumvent the rule of law and they have to show fairness. We allow this and direct SEBI to furnish the document sought by RIL,” the CJI said while allowing the appeal of RIL.

Also read: ICICI Bank, SBI, TVS Motors, other bank, realty, auto stocks up on RBI’s repo rate hike; buy, sell, hold?