MUMBAI: The Securities and Alternate Board of India (Sebi) on Wednesday instructed the Bombay Excessive Court docket it could not take any additional motion on the summons issued by it to Essel Group Chairman Subhash Chandra in an alleged fund diversion case. Chandra had filed a petition earlier this month difficult the summons and had searched for it to be quashed.
The businessman’s counsel, Ravi Kadam, searched for your entire proceedings initiated by the Sebi to be quashed and argued that the capital market watchdog was going forward with the probe in a “predetermined” method.
A division bench of Justices Girish Kulkarni and Firdosh Pooniwalla on Wednesday permitted the Sebi to file its affidavit in reply to Chandra’s petition.
The regulator’s counsel, Mustafa Physician, instructed the bench that for a interval of three weeks from as we speak (March 20), no additional motion beneath the summons shall be taken.
“We settle for the assertion,” the bench mentioned and posted the matter for additional listening to on April 10. In January, the inventory market regulator had issued a number of summonses to Chandra.
The businessman’s counsel, Ravi Kadam, searched for your entire proceedings initiated by the Sebi to be quashed and argued that the capital market watchdog was going forward with the probe in a “predetermined” method.
A division bench of Justices Girish Kulkarni and Firdosh Pooniwalla on Wednesday permitted the Sebi to file its affidavit in reply to Chandra’s petition.
The regulator’s counsel, Mustafa Physician, instructed the bench that for a interval of three weeks from as we speak (March 20), no additional motion beneath the summons shall be taken.
“We settle for the assertion,” the bench mentioned and posted the matter for additional listening to on April 10. In January, the inventory market regulator had issued a number of summonses to Chandra.
 on Wednesday told the Bombay High Court it would not take any further action on the summons .){kind=link}