SEBI, BSE approach bombay HC in Madhabi puri Buch case!
The bombay high court has agreed to hear immediately the petitions of SEBI, BSE against the order of FIR registered in the Cals Refineries case on march 3. According to the report of CNBC-TV18, the high court has issued oral instructions to stop the registration of FIR till the hearing of the petitions on march 4. Let us tell you that SEBI has approached the bombay high court to challenge the mumbai Court's decision to register an FIR against Madhabi puri Buch and five others.
The case is related to the listing of Cals Refineries
Solicitor General Tushar Mehta appeared on behalf of SEBI officials, while senior advocate amit Desai is representing BSE officials. A special court in mumbai acb court on march 1 ordered the registration of FIR against former SEBI Chairman madhavi Puri Buch and five other officials. They are accused of alleged irregularities during the listing of Cals Refineries, a company that refines and markets oil and gas, on the BSE in 1994.
Charges against them
Special acb court judge Shashikant Eknathrao Bangar said in an order passed on Saturday, "Prima facie there is evidence of regulatory lapse and collusion, which requires an impartial investigation." The court has also ordered the acb to submit the investigation report within 30 days. Apart from Madhabi puri Buch, the court has decided to register an FIR against ashwini Bhatia (full-time member of SEBI), Anant Narayan G (full-time member of SEBI), Kamlesh Chandra Varshney (senior officer of SEBI), Pramod Agarwal (Chairman of bombay Stock Exchange), Sundararaman Ramamurthy (CEO of BSE).
BSE gave clarification on the matter
The court has given its decision after a petition filed by Thane-based journalist Sapan Srivastava. On this, BSE says that the officials whose names are being mentioned in the fraud case were neither in their positions at the time of listing of the company nor are they connected to the company in any way. This application is unnecessarily disturbing. SEBI has also said in its statement that the complainants are habitual litigators. Some of its previous applications were also rejected by the court and fines were also imposed in some cases.
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