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Indirect control by listed co. though trust need to be disclosed to stock exchange: SAT

June 25, 2018[2018] 96 32 (SAT - Mumbai)/[2018] 148 SCL 676 (SAT - Mumbai)

SEBI: In a complaint filed before SEBI it was alleged that RIL, a listed company had failed to disclose to stock exchange that it had acquired indirect control over another listed company through a Trust established for exclusive benefit of RIL, but SEBI disposed complaint by merely recording a wholly unsustainable ground that said trust was not a subsidiary of RIL and thus RIL had no obligation for disclosure, SEBI was to be directed to decide complaint afresh

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