On 04.03.2025, the Bombay High Court single bench of Justice SG Dige is expected to hear Former Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch’s plea to quash an order passed by a Special Court in Mumbai directing the Anti-Corruption Bureau (ACB) to register a case against them in a listing fraud case.

The former SEBI’s Chief need to knock on the Bombay High door’s arises out of an order passed on 01.03.2025, where the Special Judge Shashikant Eknathrao Bangar, while considering an application filed by Sapan Shrivastava (47), a journalist by profession, observed that the complaint prima facie reveals the commission of a cognizable offence. Consequently, the court directed the Anti-Corruption Bureau (ACB) to register a First Information Report (FIR) under the applicable provisions of the Indian Penal Code (IPC), the Prevention of Corruption (PC) Act, and the SEBI Act. The ACB has also been instructed to conduct an investigation and submit a report within 30 days.

The Complainant alleged that Madhabi, in collusion with other officials of SEBI and BSE, facilitated the "fraudulent" listing of a company on the stock exchange and failed to take any action against the company for its alleged misconduct.

Ultimately, the Special Court clarified that, considering the "gravity of the offence" as revealed in the complaint, it had directed an investigation under Section 156(3) of the Criminal Procedure Code.

"There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe. The inaction by law enforcement and SEBI necessitates judicial intervention under section 156(3) CrPC," the Court observed.

Source: NEWS