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Reliance Industries row is far from over

The Securities Appellate Tribunal (SAT) may have ruled against Reliance Industries (RIL) in the latter's appeal against SEBI.

Its case followed the rejection by SEBI an application for settlement of a charge of fraudulent and unfair trading practice under the 'consent' (disposal of a Generika Levitra 10mg case with a monetary penalty without admission of guilt) route. But defeat in the appellate forum can by no means be construed as the end of the road for RIL.

Not so much because Testosterone Enanthate Nedir RIL can approach the Supreme Court against any adverse order of SAT. But because a question mark hangs over the future of the very law on the basis of which RIL's appeal was turned down.

The law (Sub section 4 of Section 15JB of the SEBI Act) bars SAT from entertaining any appeal against orders of SEBI in matters relating to disposal of applications for settlement under the 'consent' route. This provision of law came into force by virtue of an Ordinance promulgated by the UPA Government on March 28, 2014. Its past legislative history alone would seem to militate against its survival as a piece of enactment. For the March Ordinance was in turn, a successor to the one that was promulgated on September 16, 2013 and which lapsed on January 16, 2014. If that wasn't enough, it had a predecessor in the Ordinance 4-chlorodehydromethyltestosterone promulgated on July 18, 2013. That was referred to the Parliamentary Standing Committee on Finance of Parliament. It is not clear if the Committee gave its report or not. But the fact the matter is that a Bill to replace the Ordinance could not be passed.

Past history notwithstanding, the clock is ticking against the latest Ordinance on another count. Clause 2(a) of Article 123 of the Constitution says that an Ordinance shall cease to operate at the expiration of six weeks from the reassembly of Parliament, among other things. Now, the 16th Lok Sabha has been constituted and it had commenced its session on June 4. The six weeks would end by July 16. Would the Government find the time for legislative business of this nature when the Kamagra 100 Railway and Union Budgets need to be presented, debated and passed?

The 6 week conundrum

There is another dimension. After the Motion of Thanks to the "Jintropin China Supplier" President's address was adopted on June 11, the Lok Sabha was adjournedsine die. One could argue that with the Lok Sabha being thus adjourned, the clock should stop ticking for the purpose of the count of six weeks under the Constitution. But Sustanon 250 In Mexico the Constitution merely talks of six weeks (including one supposes, Saturdays and Sundays) and not six weeks of day to day working.

There is the larger political dimension too. Does the present NDA Government headed by Prime Minister Narendra Testosterone Cypionate Negative Side Effects Modi have the conviction to retain these features of securities law that successive Ordinances have sought to incorporate? And if so, will it be "buy cheap jintropin online" able to persuade allies and non allies in the Rajya Sabha to support the passage of the Bill giving effect to the provisions of law in the Ordinance. The odds seem stacked heavily against such an outcome. SEBI's victory may turn out to be pyrrhic as on all substantive legal points in the case, the SAT ruling has gone against it. If the ordinance does not get converted into an enactment of Parliament it would mean that SEBI is yet to dispose of RIL's application for a disposal based on the 'consent' route.

That means the original complaint against RIL (fraudulent market practices) can not be proceeded with, till the 'consent' request is disposed of. An appeal against an adverse ruling on it can once again be judicially reviewed by SAT as the legal bar on hearing it would stand lifted. For now RIL can just sit back and watch the drama unfold.

SEBI's victory may turn out to be pyrrhic as on all substantive legal points in the case, the SAT ruling has gone against it.

(This article was published in the Business Line print edition dated July 4, 2014)

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