In support of former SEBI chief Madhabi Buch, the High Court banned FIR filing until March 4
Stock Market Fraud Case: The special court had directed to register a case against former SEBI chairperson Madhabi Puri Buch on the basis of allegations of alleged fraud in the stock market.
The Bombay High Court on Monday directed the Anti-Corruption Bureau (ACB) not to take any action till March 4 on the order to register a case against former SEBI chairperson Madhabi Puri Buch and five other officials. The order was passed when Buch, Bombay Stock Exchange (BSE) Managing Director Sundararaman Ramamurthy and four other officials approached the High Court questioning the special court's order.
ACB special court in Mumbai on Saturday directed registration of an FIR against Madhabi Buch and 5 others on charges of alleged fraud and regulatory lapses in the share market. The petitioners challenged the said order and termed the lower court's order illegal and arbitrary. They argued that this order was not legally permanent, as no notice was served on them and nor their side was heard.
During the hearing in the High Court, a single bench of Justice SG Dige said that the matter will be heard in detail on Tuesday and till then the ACB will not take any action on it. During this, Solicitor General Tushar Mehta presented arguments in the court on behalf of Buch and other officials, while senior advocate Amit Desai argued on behalf of BSE Managing Director Sundararaman Ramamurthy and former Chairman Pramod Agarwal.
The ACB court had said in its order that prima facie evidence of regulatory lapse and collusion has been found, which requires an impartial investigation. The court said that it would monitor this investigation and was directed to submit the status report of this matter within 30 days.
