New Delhi: el Superior Bombay Court On Tuesday, an order of a special court led Fir against the former president of Sebi Madhabi Puri Buch and five other officials for alleged Stock market fraud and regulatory violations. The stay to stay in place for four weeks.
A single bank of Judge Shivkumar DIGE said that the special court order of March 1 was mechanically approved without going into details and without attributing any specific role to the defendant.
“Therefore, the order remains until the next date. Four weeks are granted to the plaintiff in the case (Sapan Shrivastava) to present his affidavit in response to requests,” said the HC, according to the PTI news agency.
The sentence of the Superior Court occurred to the requests presented by Buch, three current Sebi directors: Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Warshney and two EEB officials, managing director and executive director Ramamurthy and his former president and director of public interest, PRMOD AGANWAL.
The pleas had requested to cancel the order approved by the Special Court that directed the Anti -corruption office (ACB) to register a FIR against him relative to certain fraud accusations committed in 1994 while listing a company in the EEB.
The case is derived from a complaint from the media reporter Sapan Shrivastava, who alleged large -scale financial fraud and regulatory violations during the list of a company in 1994 in the EEB.
He said that Sebi officials facilitated market manipulation by allowing the list without compliance under Sebi Law, 1992. Sebi responded to developments, saying that it would challenge the order through legal means.
The market regulator stressed that the accusations belong to events that occurred long before the defendant occupied their current positions. The EEB also dismissed the complaint as “frivolous and vexatory.”
Buch, the first woman in India, Sebi Chief, recently completed her three -year mandate amid controversy, including accusations of conflict of interests linked to Hindenburg Research statements about her investment history. She has denied the accusations, saying that her investments were prior to her appointment of Sebi.