The Supreme Court on Friday flayed the Securities and Exchange Board of India (SEBI), stating that the market regulator cannot circumvent the rule of law.

A Bench comprising Chief Justice of India N.V. Ramana, Justice J.K. Maheshwari and Justice Hima Kohli expressed the views, while permitting Reliance Industries Limited (RIL), access to certain documents that were relied upon by SEBI in connection with acquisition of own shares by the company.

Stating that SEBI has a duty to act in a fair manner, the Apex Court directed the market regulator to furnish the documents sought by RIL.

RIL had filed a petition in the Apex Court, challenging the Bombay High Court order, which rejected its plea to access certain documents that sought to prove its innocence on allegations levelled by SEBI.

One S Gurumurthy had filed a complaint with SEBI in 2002, alleging irregularities by RIL, when it acquired its own shares between 1994-2000.

The market regulator moved the City Civil and Sessions Court in 2020, seeking prosecution of RIL. However, SEBI’s plea was rejected on the grounds that there was a delay of 18 years in acting on the complaint.

SEBI then moved the Bombay High Court. RIL also filed a plea in the High Court, seeking three documents relied upon by SEBI, which was rejected, leading to the present petition.

A local court in Mumbai on Wednesday granted pardon to dismissed police officer Sachin Vaze and allowed him to turn approver against former Maharashtra Home Minister Anil Deshmukh, in a corruption case.

Special CBI Judge DP Shingade gave his nod to Vaze’s application with following conditions:

• Waze will have to make full and honest disclosure of facts known to him in relation to the offence;
• He has to correctly and truthfully answer questions put to him during the trial by the special public prosecutor.

After Vaze agreed to the conditions, the Special CBI court permitted him to turn approver in the case.

Aa per the order, Waze will no longer be an accused in the case and will not be charged by the CBI, which is expected to file the charge sheet tomorrow.

From now onwards, Waze will be considered as a prosecution witness, whose testimony can be used against his co-accused, including Deshmukh, noted the Court.

In the application filed by his lawyer Rounak Naik, Waze alleged that it was on Deshmukh’s instructions that he had collected bribes from restaurants and bar owners.

The National Investigation Agency had arrested Vaze in March in connection with the murder of one Mansukh Hiren.

NIA alleged that he planted explosives in a vehicle owned by Hiren and parked it near the residence of Reliance Industries Chairman Mukesh Ambani on February 25.

Hiren was subsequently found dead.

Deshmukh is also behind bars currently. He was arrested on November 1, in connection with extortion and money laundering allegations levelled against him by former Mumbai Police Commissioner Param Bir Singh.