The Bombay High Court on Monday told ACB that no action should be taken till March 4 on the order to register an FIR against the former SEBI chairperson Madhabi Puri Buch and five other officials. The Bombay High Court has stayed the order to register an FIR against former Sebi chief Madhabi Buch and other SEBI officials.
On March 3, Madhabi Buch Puri approached the Bombay High Court demanding the cancellation of the FIR against him. The special court of the Mumbai -based Anti -Corruption Bureau (ACB) on Saturday directed to file a case against Buch and five other officials in connection with alleged fraud and negotiable violations in the stock market.
On the petition of Puri Buch and others, the single bench of Justice SG Digig 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 Buch and three current full -time directors of SEBI - Ashwini Bhatia, Anant Narayan ji and Kamlesh Chandra Varshney appeared. The petitions demanded that the special court order order be illegal and arbitrary and demanded to be canceled. The petitions stated that this order is not legally eligible to stand, as the notice has not been issued to the petitioners and they were not heard before taking the decision.
The petitions demanded the cancellation of the order passed by the Special Court, in which the Anti -Corruption Bureau (ACB) was directed to register an FIR against some allegations of frauds made while listing a company in BSE in 1994.
SEBI said in its release that the matter is related to a company listing on BSE in 1994. SEBI has said that at the time of this matter, none of these officers were in their respective positions. Nevertheless, the court has approved this application without issuing any notice or giving SEBI a chance to put forward the facts on record.
