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SAT dismisses petition in Amara Raja case

Our Bureau

MUMBAI, Sept. 5

THE Securities Appellate Tribunal (SAT) has dismissed a petition of Mr Harinarayan Bajaj seeking information possessed by Securities and Exchange Board of India (SEBI) in a case relating to alleged price manipulation in the Amara Raja Batteries scrip in March 2001.

SEBI has issued a show-cause notice to Mr Bajaj in the case.

In an order passed today, Mr C. Achuthan, Presiding Officer, SAT, said the information Mr Bajaj sought from SEBI in no way concerned the show-cause notice issued to him by the regulator in the Amara Raja case. Dismissing the petition, Mr Achuthan said Mr Bajaj appeared to be more concerned with pursuing a course of action and for that purpose he required material and tapped SEBI as the source.

"It is also evident that (Mr Bajaj) needs the particulars to use in arbitration claims filed against him. His requirements for those purposes are understandable. But here the question relates to the supply of information with reference to the show cause notice holding specific charges," he said.

The Tribunal added that Mr Bajaj gave the impression that he wanted the scope of the enquiry to be expanded.

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