FIR against BSE, Madhabi Puri Buch, SEBI officials on hold for now, Bombay High Court to hear matter on Tuesday

After a special Mumbai court ordered the Anti Corruption Bureau to lodge a first information report (FIR) against several invidiuals named in a matter related to the alleged illegal listing of Cals Refinery shares back in 1994, the High Court is learned to conduct a hearing in the matter on Tuesday, March 4. The ACB was asked to put the FIR filing on hold until then.

The development comes after the Mumbai court ordered that an FIR be filed against former Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch, the market regulator’s Whole-time Members Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Varshney, and BSE's current MD and CEO Sundararaman Ramamurthy and chairman Pramod Agarwal.

Judge SE Bangar issued the order after reviewing a petition filed by a journaliset alleging major financial fraud and corruption in the listing of Cals Refinery's shares back in 1994.

On Sunday, the stock exchange said that the order was issued without any notice or hearing and that it would take appropriate legal steps against it.

BSE also said that the officials named in the order were not in office at that time.

The complainant alleged collusion between SEBI and corporate entities that led to serious financial crime.

Justice Bangar reviewed the complaint and its supporting documents, and found prima facie evidence of wrongdoing.

However, none of the alleged wrongdoers was represented in the court proceeding.

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