No motion on summons towards Subhash Chandra for 3 weeks in fund diversion case: Sebi to HC

MUMBAI: The Securities and Change Board of India (Sebi) on Wednesday informed the Bombay Excessive Court docket it might 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, informed the bench that for a interval of three weeks from right this moment (March 20), no additional motion underneath the summons shall be taken. “We accept the statement,” 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.

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