Bombay High Court halts Maharashtra ACB action against ex-SEBI chief Madhabi Puri Buch
The Bombay High Court on Monday asked the Maharashtra Anti-Corruption Bureau (ACB) not to act until March 4 on an order directing it to lodge an FIR against former Sebi chairperson Madhabi Puri Buch and five other officials for alleged stock market fraud and regulatory violations.
Ms Buch, Bombay Stock Exchange MD Sundararaman Ramamurthy and the others moved the High Court on Monday, seeking to quash the March 1 order passed by a special court in Mumbai directing the Anti-Corruption Bureau (ACB) to register an FIR against them pertaining to certain allegations of fraud committed in 1994 while listing a company on the BSE.
The pleas were mentioned before a single bench of Justice SG Dige for urgent hearing.
The bench said it would hear the pleas on Tuesday (March 4) and orally added that until then, the state ACB, which was directed to probe the case, shall not act upon the special court order.
During the hearing, Solicitor General Tushar Mehta appeared for the three current whole-time SEBI directors – Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Varshney.