Supreme Court will hear Sahara India’s plea on Tuesday seeking approval to sell Amby Valley in Maharashtra and Shahara Saher in Lucknow to Adani Properties. Another plea on releasing Sahara Communications employees’ salaries withheld since 2014 will also be heard.
The Delhi High Court has issued a contempt notice to BluSmart, Gensol, and others for allegedly violating a court order regarding 10 Tata Tigor EVs. Shefasteq claims the companies obstructed efforts to locate the vehicles and failed to provide required information. Legal proceedings involving Gensol have escalated amid serious allegations from SEBI.
Today, On 4th March, The Bombay High Court stayed the order directing the registration of an FIR against former SEBI chief Madhabi Buch and two others. Justice SG Dige granted the relief after they challenged the directive in court. The case involves allegations that prompted legal scrutiny of regulatory decisions. The stay provides temporary relief as the matter undergoes further judicial review.
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.
The Lokpal instructed complainants to submit verified evidence to support corruption allegations against SEBI chief Madhabi Puri Buch, citing a Hindenburg Research report. They must file an affidavit within three weeks, addressing questions on the authenticity of claims and prior investments under the Prevention of Corruption Act.
![[Co-Location Scam] "Preponderance of Probability Fails to Prove Collusion Between OPG, Directors, and Notices": SEBI Dismisses Charges Against NSE & Chitra Ramkrishna](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/09/SEBI-Drops-All-Charges-In-39Dark-Fibre39-Case-Against-Former-NSE-Employees-amp-MD-In-Co-Location-Scam-Due-To-Insufficient-Evidence.png?resize=447%2C367&ssl=1)
In the Co-location scam case, SEBI dismissed charges against the National Stock Exchange (NSE) and its former CEO, Chitra Ramkrishna, stating insufficient evidence of collusion. SEBI’s ruling cleared the NSE and its leadership of any wrongdoing. This decision followed a January 2023 ruling overturning SEBI’s directive for NSE to disgorge Rs. 625 crore.
The Adani-Hindenburg case has sparked concerns about regulatory oversight for India’s Adani Group. The Supreme Court’s involvement and SEBI’s actions are pivotal. Despite serious allegations, the expert committee found no evidence of manipulation, reinforcing regulatory integrity. SEBI’s ongoing investigations underscore the case’s complexity and the stakes involved.
In a recent turn of events in the ongoing Adani-Hindenburg controversy, a plea has been filed in the Supreme Court, seeking contempt proceedings against the Securities and Exchange Board of India (SEBI) for its alleged failure to adhere to the court-mandated timeline in investigating the Adani Group’s alleged stock price manipulation. Also read- Adani-Hindenburg Case: […]