The Bombay High Court consented on March 03 to provide an expedited hearing for the appeals made by SEBI and BSE regarding the FIR ruling in the Cals Refineries matter.
The High Court provided verbal instructions to prevent the registration of an FIR until the pleas are heard on March 4, according to a report by CNBC-TV18.
Solicitor General Tushar Mehta represented the SEBI officials, whereas Senior Advocate Amit Desai appeared for the officials of the BSE.
On March 1, a special court in Mumbai instructed the Anti-Corruption Bureau (ACB) to file an FIR against Madhabi Puri Buch, the former chairperson of SEBI, along with five additional officials regarding purported stock market fraud and breaches of regulations.
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There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe, the special ACB court judge, Shashikant Eknathrao Bangar, said in the order passed on Saturday. The court said it will monitor the probe and sought a status report within 30 days.
The special ACB court judge, Shashikant Eknathrao Bangar, stated in the order issued on Saturday that there is apparent evidence of regulatory failures and collusion, requiring a fair and unbiased investigation. The court indicated that it will oversee the inquiry and requested a status report in 30 days.
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In a media release BSE said, “ACB Court, Mumbai has allowed a miscellaneous application filed before them against certain SEBI officials and ex-chairman of BSE and the current MD &CEO. The application had sought directions for registration of a FIR and investigations into alleged irregularities in the listing of a company in 1994.”
BSE said the application is “frivolous and vexatious in nature.” In its defence BSE further said that the Honourable Court has allowed the application without issuing any notice or granting any opportunity to BSE to place the facts on record.
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