CIC order to SEBI for disclosure in Reliance Petroleum case challenged
Against the order of the Central Information Commission (CIC) directing the Securities and Exchange Board of India (SEBI) to reveal the identities of the entities involved in short selling Reliance Petroleum shares in the derivatives segment in November 2007, it has been reported that SEBI has challenged the order in the Bombay High Court. The CIC had also directed SEBI to disclose the details of the investigation report and consent order proceedings in this matter including the file notings and other relevant documents. See the order of CIC at http://www.rtifoundationofindia.com/information-regarding-insider-trading-shares-relia-2747
A Bangalore-based lawyer, Arun Kumar Agrawal, had sought these details through an application filed under the Right to Information (RTI) Act. It has been reported that the grounds for challenging the order are similar to those raised during the second appeal at the level of CIC. The appellant has already filed a caveat with the Bombay High Court to avoid grant of ex-party stay.