The Securities and Exchange Board of India (Sebi) has refused a consent application from Reliance Petroinvestments Ltd in the matter of the erstwhile Indian Petrochemicals Corporation Ltd (IPCL).
The case is also one related to violation of insider trading regulations, according to the Sebi note which does not go into further detail.
The Government of India approved induction of Reliance Petroinvestments as a strategic partner in IPCL, through sale of 26% equity shares at a consideration of Rs1,491 crore on May 17, 2002, according to a release from the Department of Divestment issued at the time.
Meantime, Sebi has also revealed the names of 12 entities related to an investigation into Reliance Industries’ alleged insider trading in the shares of Reliance Petroleum.
The names include Reliance Ports & Terminals, LPG Infrastructure, Vinamra Universal Traders, Gujarat Petcoke and Petroproducts Supply, Relogistics, Relpol Plastic Products, Darshan Securities, Fine Tech Commercials, Dharti Investment & Holdings, Aarthik Commercials and Mo Tech Software.
A battle for revealing the names has been ongoing in the Bombay High Court between an RTI (Right to Information) activist and Sebi.
The Bombay High Court case would continue, said Arun Agrawal, the lawyer and RTI activist fighting the case.
He said the case pertains to the disclosure of the names of the intermediaries involved and also making public the investigative report prepared in the case in addition to the names of the 12 entities that Sebi revealed on Thursday.
The case is next to be heard on January 23.
An RIL spokesperson declined comment.
Sebi has refused to consider consent proceedings in investigations against a total of 149 entities since May 25, 2012.
The consent route, which is used to settle charges by payment of monetary penalty, has been refused to entities including RIL, India Infoline, HSBC Investdirect and several entities in cases related to Bank of Rajasthan, according to a note on the Sebi website.