THE JHARKHAND STORY DESK
Mumbai, March 4: The Bombay High Court today put a four-week stay on special court’s ruling that ordered the filing of an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials.
Justice Shivkumar Dige, in a single bench ruling, noted that the special court’s order, issued on March 1, lacked proper analysis and failed to identify specific roles of the accused in the case.
The court provided a four-week window for the complainant, Sapan Shrivastava, to submit an affidavit in response to the petitions.
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The stay was granted while considering the petitions filed by Buch, three serving SEBI directors—Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney—and two BSE officials, including MD and CEO Ramamurthy, as well as former chairman Pramod Agarwal.
The special court’s decision followed a complaint by Sapan Shrivastava, a media reporter, who alleged widespread financial fraud, regulatory breaches, and corruption by the accused parties.
The petitioners had sought the quashing of the special court’s order, which directed the Anti-Corruption Bureau (ACB) to investigate allegations of stock market fraud and regulatory violations involving the listing of a company on the BSE in 1994. The petitioners argued that the order was arbitrary and unlawful.
