Reliance Industries Ltd. Vs. Securities and Exchange Board of India Sebi Bhavan and Another - Court Judgment

SooperKanoon Citationsooperkanoon.com/1114891
CourtSEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided OnSep-25-2013
Case NumberMisc. Application No. 84 of 2013 In Appeal No. 224 of 2012
JudgeJ.P. DEVADHAR, PRESIDING OFFICER, THE HONOURABLE MR. JOG SINGH, MEMBER & THE HONOURABLE MR. A.S. LAMBA, MEMBER
AppellantReliance Industries Ltd.
RespondentSecurities and Exchange Board of India Sebi Bhavan and Another
Excerpt:
j.p. devadhar, presiding officer 1. by this misc. application no. 84 of 2013, applicant seeks to intervene in appeal no.224 of 2012 filed by reliance industries ltd. against communication of securities and exchange board of india (sebi) dated 2/11/2012. by that communication dated 2/11/2012, sebi has rejected application of the appellant seeking copies of certain documents required for the matter under consideration. 2. counsel for the applicant submitted that the appellant‐company and its subsidiaries are involved in huge insider trading scam, and the applicant would like to give certain information with regard to insider trading scam. 3. in this case, we are concerned with the correctness of the impugned order dated 2/11/2012. if the applicant makes out a case for interference, appeal would be allowed, failing which appeal would be dismissed. applicant, who is unconnected with the matter, cannot be permitted to intervene in the appeal and make submissions one way or the other. if at all, the applicant has any grievance against the system, he has to initiate proceedings before an appropriate forum and not by way of intervention in this appeal. appeal must succeed or fail on the basis of the arguments advanced by the parties to the appeal and, therefore, applicant who is not a party to the appeal cannot be permitted to intervene in the matter. accordingly, misc. application is rejected.
Judgment:

J.P. Devadhar, Presiding Officer

1. By this Misc. Application No. 84 of 2013, applicant seeks to intervene in Appeal No.224 of 2012 filed by Reliance Industries Ltd. against communication of Securities and Exchange Board of India (SEBI) dated 2/11/2012. By that communication dated 2/11/2012, SEBI has rejected application of the appellant seeking copies of certain documents required for the matter under consideration.

2. Counsel for the applicant submitted that the appellant‐company and its subsidiaries are involved in huge insider trading scam, and the applicant would like to give certain information with regard to insider trading scam.

3. In this case, we are concerned with the correctness of the impugned order dated 2/11/2012. If the applicant makes out a case for interference, appeal would be allowed, failing which appeal would be dismissed. Applicant, who is unconnected with the matter, cannot be permitted to intervene in the appeal and make submissions one way or the other. If at all, the applicant has any grievance against the system, he has to initiate proceedings before an appropriate forum and not by way of intervention in this appeal. Appeal must succeed or fail on the basis of the arguments advanced by the parties to the appeal and, therefore, applicant who is not a party to the appeal cannot be permitted to intervene in the matter.

Accordingly, Misc. Application is rejected.