Ban on special court order against Butuch and 5 others – BAN on Special Court Order Against Butuch and 5 other

The Bombay High Court on Tuesday stayed the order of the special court, in which the state’s Anti -Corruption Bureau was ordered to file an FIR against former SEBI chairperson Madhavi Puri Buch, three existing full -time members and two BSE officials. This order was given in the case of alleged fraud and regulatory violations in the stock market.

On the matter, Justice SG Digige said, “It seems that the scholar judge has passed the order in a mechanical manner without considering the details or without telling the specific role of the officers.” The case has been postponed for four weeks and Yachi Sapan Srivastava has been given time to file a reply.

Representing SEBI officials, Solicitor General Tushar Mehta said that the court had earlier found the petitioner guilty of filing a serious petition, was fined on several occasions and even directed to register an FIR against him for forcible recovery. Mehta said Calls refineries were listed in BSE in 1994 while the allegations of the petitioner were included in the case who were not involved in the case at that time.

Senior advocate Amit Desai, who represented BSE Managing Director and CEO Sundarman Ramamurthy and former president Pramod Aggarwal, had argued that a serious petition has become the pastime of the petitioner. Desai argued that the special court failed to interrogate the petitioner or conduct a proper investigation in the case, which he described as a malicious case.

Desai also said that in response to the RTI filed by the petitioner, SEBI had said that the NOC (NOC) was not available for the listing of Calls refineries, but the petitioner falsely claimed that no NOCs were given. Calls refineries ended in 2019 and the trading of its shares was suspended from August 2019. However, the petitioner filed a complaint on SEBI’s scores portal in July 2023 and wrote a letter to the SEBI president in March 2024. Presenting his argument, Srivastava alleged that the regulator lacks information about NOC and many other companies listed in exchanges.

First Published – March 4, 2025 | 10:26 PM IST