SEBI would be initiating appropriate legal steps to challenge the Order of ACB Court
MFNews
Order in respect of allegations pertaining to the listing of a Company Mumbai: A Miscellaneous Application was filed before the ACB Court, Mumbai against the former Chairperson of SEBI, three current Whole Time Members of SEBI and two officials of the BSE.
The application sought directions for the Police to register an FIR and investigate into the
alleged irregularities in granting listing permission to a Company on the Bombay Stock
Exchange in 1994, without complying with the provisions of the SEBI Act, 1992, SEBI
(ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015.
Even though these officials were not holding their respective positions at the relevant
point of time, the court allowed the application without issuing any notice or granting any
opportunity to SEBI to place the facts on record.
The applicant is known to be a frivolous and habitual litigant, with previous applications
being dismissed by the Court, with imposition of costs in some cases.
SEBI would be initiating appropriate legal steps to challenge this order and remains
committed to ensuring due regulatory compliance in all matters.
