Judge Shivkumar Dige, in oral order, directed the ACB not to register an FIR and posted further questions for hearing on Tuesday.
Before that, India’s MC Tushal Meta and Senior Advisor Amit Desai appeared in Sebi (India’s Securities and Exchange Commission) and WTM (Full-Time Member) Bhatia and BSE official Pramod Agarwal (BSE Chair), respectively, calling for court intervention and intervention to hear the matter.
Madhabi Puri Buch, Ashwani Bhatia and Pramod Agarwal have filed separate applications to put aside the orders of the lower court.
The Genesis of the suit comes in a lower court order to investigate fraud in directing the ACB to register an FIR with the ACB and granting a company a listing permit without complying with the rules.
The case was submitted to former SEBI Chairman and full-time members Ashwani Bhatia, Anant Narayan and Kamursh Valsh, as well as former chairman of BSE Pramod Agarwal and its current CEO Sundararaman Ramamurthy. The regulator said that despite these officials not holding their respective positions at the time involved, the court allowed the application without issuing notice and to give them the opportunity to place facts on record.
In another statement Sunday evening, BSE said: “The officials named in the application were not in their respective positions at the time of listing and had absolutely no connection to the company. The application is inherently frivolous and troublesome.”
“There is prima facie evidence of regulatory expiration and conspiracy, and we need a fair and impartial probe,” Special Judge Shashikant Eknatrao Banger said in a 12-page order. “The investigation shall be monitored by this Court,” he asked the ACB to submit a status report within 30 days. The company’s Cals refinery was listed on BSE in 1994.
Applicant Sapan Shrivastava is a person who claims to be a journalist and claims that the document reveals procedural lapses and violations in the IPO process.
