Former SEBI chief Madhabi Puri Buch reaches High Court to cancel FIR order, hearing on March 4
Madhabi Puri Buch: Former SEBI chief Madhabi Puri Buch and five others have approached the Bombay High Court seeking cancellation of the order to register an FIR against them for alleged stock market fraud. The case will be heard on March 4. Let us know about this.
Former SEBI chief Madhabi Puri Buch and five others have approached the Bombay High Court seeking quashing of the order registering an FIR against them in an alleged stock market scam case. The petitions of the ex-SEBI chairman and others will be heard by the Bombay High Court on March 4. The ACB has been asked not to execute the special court's order till then.
Earlier, a special court in Mumbai directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI chairman Madhabi Puri Buch and five other officials for alleged fraud and regulatory violations in the share market.
In an order passed on Saturday, Mumbai-based special ACB court judge Shashikant Eknathrao Bangar said, "Prima facie there is evidence of regulatory lapse and collusion, which requires an impartial investigation." The court said that it will monitor the investigation. A status report has been asked to be submitted within 30 days in the case. The court has also said in the order that the allegations reveal a cognizable offence, for which investigation is necessary.
The order said that judicial intervention is needed under the provisions of the CrPC (Code of Criminal Procedure) due to the inaction of law enforcement agencies and the Securities and Exchange Board of India (SEBI).
Apart from Madhabi Buch, other officials against whom the court has ordered the registration of FIR include BSE Managing Director and Chief Executive Officer (CEO) Sundararaman Ramamurthy, its then Chairman and Public Interest Director Pramod Agarwal and three full-time members of SEBI Ashwini Bhatia, Anant Narayan G and Kamlesh Chandra Varshney.
