THE JHARKHAND STORY DESK
Mumbai, March 3: The Bombay High Court today directed the Anti-Corruption Bureau (ACB) not to take any action until March 4 on an order instructing the agency to file an FIR against former SEBI chairperson Madhabi Puri Buch and five others, including Bombay Stock Exchange MD Sundararaman Ramamurthy, for alleged stock market fraud and regulatory violations.
The Bombay High Court’s single-judge bench of Justice S.G. Dige heard the urgent pleas and scheduled a hearing for the matter on Tuesday, March 4, 2025, directing the ACB to hold off on any action until then.
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The petitioners, including Buch, Ramamurthy, and other SEBI officials, filed a petition seeking to quash the March 1 order passed by a special court in Mumbai, which directed the ACB to register a case related to alleged fraud committed in 1994 while listing a company on the BSE.
The special court had instructed the ACB to submit a status report within 30 days of the investigation.
Represented by Solicitor General Tushar Mehta, the petitioners argued that the order was illegal and arbitrary. They contended that the special court’s order was based on prima facie evidence of regulatory lapses and collusion and required further scrutiny. Senior advocate Amit Desai also appeared for Ramamurthy and Pramod Agarwal, a former public interest director at BSE.
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