In a huge relief for former SEBI chief Madhabi Buch, the Bombay High Court Today (March 3) directed the Maharashtra ACB not to act on an order passed by the Mumbai Sessions Court, which directed it to register an FIR against her and other SEBI officials.
Today, On 3rd March, Former SEBI Chairperson Madhabi Puri Buch and other officials have approached the Bombay High Court seeking to quash the FIR in a listing fraud case. The matter was mentioned before Justice SG Dige and is expected to be heard tomorrow. The FIR was filed following a special court’s directive to investigate alleged stock market fraud and regulatory violations. SEBI has opposed the order, calling it baseless and arguing that it was not given a chance to present its defense.
SEBI has decided to challenge the court’s order to file an FIR against its former chief and officials. The board argues that the case is based on a weak petition and that the court did not hear its side. SEBI insists that the allegations are not strong enough for such action. It plans to contest the order legally.