Madhabi Buch: Former SEBI Chief Madhavi Puri Buch reached the High Court to cancel the order of FIR, hearing on March 4
New Delhi| 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 for alleged stock market fraud. Bombay High Court will hear the petitions filed by former SEBI chief and others on March 4. ACB has been asked not to take action on the order of the special court till then.
Earlier, a special court in Mumbai has directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI chairman Madhabi Puri Buch and five other officials on charges of alleged fraud and regulatory violations in the stock market.
Justice Shashikant Eknathrao Bangar of the Mumbai-based special ACB court said in the order passed that prima facie there is evidence of regulatory lapses and collusion, which requires an impartial investigation. The court said it would monitor the investigation. The case has been asked to submit a status report within 30 days. The court has also said in the order that the allegations reveal a cognizable offence, for which investigation is necessary.
The order said the inaction of law enforcement agencies and the Securities and Exchange Board of India (SEBI) requires judicial intervention under the provisions of the CrPC (Code of Criminal Procedure). Apart from Madhabi Buch, other officials against whom the court has ordered 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 whole-time members of SEBI Ashwini Bhatia, Ananth Narayan ji and Kamlesh Chandra Varshney are included.
