The case will be heard on Tuesday
Former SEBI chairperson Madhabi Puri Buch, BSE managing director Sundarman Ramamurthy and four other officials on Monday moved the Bombay High Court against the FIR lodged against him. The Mumbai -based Anti -Corruption Bureau (ACB) Special Court directed to file a case against Buch and five other officials in the case of alleged fraud and negotiable violations in the stock market. ACB Court Justice Shashikant Eknathrao Bangar said in an order passed on Saturday, “Prima facie there is evidence of a disaster omission and collusion, which requires a fair investigation.”
Hearing will be held on Tuesday
Justice S. on the petition of Madhabi Puri Buch and others Yes. Digy’s single bench said that the petitions will be heard on Tuesday and till then action will not be taken on the order of the Special Court of ACB. Solicitor General Tushar Mehta appeared on behalf of former Sebi chief Buch and three current full -time directors of SEBI – Ashwini Bhatia, Anant Narayan ji and Kamlesh Chandra Varshney. Senior advocate Amit Desai appeared on behalf of Bombay Stock Exchange Managing Director and CEO Sundarman Ramamurthy and its former chairman and public interest director Pramod Aggarwal. The petitions demanded that the Special Court order be illegal and arbitrary, demanding it to be canceled.
The case is related to the company’s wrong listing
The allegations against the officials are related to the wrong listing of a company on the stock exchange with the active collusion of SEBI. In which the rules and regulations under the SEBI Act, 1992 and it were not complied with. The complainant claimed that SEBI officials failed their statutory duties, facilitated manipulation in the market and enabled corporate fraud by allowing listing of the company that did not meet the fixed criteria. India’s first woman SEBI chief Madhabi Puri Buch completed her three -year term on Friday last week. After which Tuhin Kant Pandey took over as the new SEBI chief.
With PTI inputs
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