Mumbai: The Bombay High Court has stayed for four weeks a special court’s order directing FIR against ex-Sebi chairperson Madhabi Puri Buch and five other officials for alleged stock market fraud and regulatory violations.
It said the order was passed mechanically.
A single bench of Justice Shivkumar Dige said the special court order of March 1 was passed mechanically without going into details and without attributing any specific role to the accused.
“Hence, the order is stayed till next date. Four weeks time is given to the complainant in the case (Sapan Shrivastava) to file his affidavit in reply to the petitions,” the HC said.
The HC’s judgement came on petitions filed by Buch, three current whole-time SEBI directors – Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Varshney and two BSE officials – Managing Director and Chief Executive Officer Ramamurthy and its former chairman and public interest director Pramod Agarwal.
