Special ACB court judge, S E Bangar, in the order on March 1 said there was prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe. The ACB court also said it will monitor the probe, and sought a status report within 30 days.The order was passed on a complaint filed by Sapan Shrivastava, a media reporter, seeking investigation into the alleged offences committed by the accused, involving largescale financial fraud, regulatory violations and corruption.The allegations pertain to the fraudulent listing of a company on the stock exchange in the year 1994 with the active connivance of regulatory authorities, particularly the Securities and Exchange Board of India, without compliance under the SEBI Act, 1992 and rules and regulations thereunder.The Sebi in a statement on Sunday said it “would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters”.The market regulator said the application, which sought directions to the police to register an FIR and investigate alleged irregularities in granting listing permission to a company on the Bombay Stock Exchange in 1994, was allowed by the court “even though these officials were not holding their respective positions at the relevant point of time”.The Bombay Stock Exchange has, in a statement, termed the application as “frivolous and vexatious in nature”.
Source link
