New Delhi3 minutes ago
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The case related to the order to register an FIR against former SEBI chairperson Madhabi Puri Buch will be heard on 4 March 2025 in the Bombay High Court. A special anti-corruption court in Mumbai has ordered an FIR on 6 people, including Madhabi Buch, in the share fraud-related case.
This order was given by Special Judge SE Bangar on a petition filed by Thane based journalist Sapan Srivastava. Sapan has accused the stock exchange of large -scale financial frauds and corruption in the company’s listing.
However, SEBI has challenged the court order which will be heard on March 4.
Complainator’s charge, he suffered damage due to rigging
Srivastava claimed that he and his family had invested in shares of Calcs Refinery Limited on 13 December 1994, in which they suffered heavy losses. He alleged that SEBI and BSE ignored the company’s crimes.
Listed it against the law and failed to protect the interests of investors. Calcs refinery was allowed listing in 1994 and was suspended from trading in August 2017. This stock is suspended till date.
Three arguments of the complainant …
- SEBI officials failed their legal duty.
- The market was allowed to be rigged, causing damage to investors.
- Permission for listing of the company that did not meet the rules.
Three arguments of SEBI …
- Butch and the three Holtime members were not in their respective positions at that time (1994).
- The court passed the order without giving SEBI a chance to keep the facts on record.
- The applicant is a habitual plaintiff. The previous applications were rejected by the court.
FIR order on six people including Madhavi Buch
- Former SEBI chief Madhabi Puri Buch
- Hole time member Ashwani Bhatia of SEBI
- Anant Narayan, the hole time member of Sebi
- Kamlesh Chandra Varshney of SEBI Hole Time Member
- BSE Chairman Pramod Aggarwal
- BSE CEO Sundarman Ramamurthy
