Court refuses to quash Sebi case in opposition to Sahara chief | India News

MUMBAI: Observing that the Securities & Exchange Board of India (Sebi) is a physique integrated with an goal to guard the curiosity of traders and the safety market and in view of the powers conferred, it could possibly examine a particular courtroom has refused to dismiss the case in opposition to Sahara India Real Estate, now deceased Sahara chief Subrata Roy, and others in legal matter investigated by the regulatory authority.
The accused had moved to courtroom in search of dismissal on grounds that Sebi just isn’t entitled to proceed with the grievance in view of probe carried out by the Serious Fraud Investigation Office (SFIO).

In an order of November 1, the particular choose mentioned that cognisance of the grievance was taken, costs framed, and proof of witnesses partly recoded. “In such circumstances in my humble opinion by virtue of provisions of Section 212 of Companies Act, this matter cannot be referred to Serious Fraud Investigation Officer for any investigation as after taking cognisance and framing of charge, this court has to decide case on merit by way of judgment only,” mentioned the choose.

The choose handed an analogous order in a separate trial associated to Sahara Housing Investment Corp Ltd. “There is no parallel investigation through any other authority on same subject pending when present complaint is filed. Hence it cannot be held that there is pending complaint and police case on same subject matter hence proceedings cannot be stopped..,” the choose mentioned.