Sebi Case: Bombay HC Halts ACB Action
A special ACB court on Mar 1 ordered to file FIR against former Sebi chairperson Buch
Mumbai: Bombay High Court on Monday asked the ACB not to act until March 4 on an order directing it to lodge an FIR against former Sebi chairperson Madhabi Puri Buch and five other officials for alleged stock market fraud and regulatory violations.
Buch, Bombay Stock Exchange MD Sundararaman Ramamurthy and the others moved the HC on Monday, seeking to quash the March 1 order passed by a special court here directing the state ACB to register an FIR against them pertaining to certain allegations of fraud committed in 1994 while listing a company on the BSE. The pleas were mentioned before a single bench of Justice SG Dige for urgent hearing.
The bench said it would hear the pleas on Tuesday and added that until then, the state Anti-Corruption Bureau (ACB), which was directed to probe the case, shall not act upon the special court order.
Solicitor General Tushar Mehta appeared for Buch and three current whole time SEBI directors - Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Varshney.
