Sebi, BSE to challenge order against former chiefs, others – The Times of India

MUMBAI: Markets regulator Sebi, in a statement on Sunday, said it would be initiating appropriate legal steps to challenge an Anti-Corruption Bureau court order for a probe into alleged irregularities in listing a company on the BSE in 1994. The markets watchdog said it remains committed to ensuring due regulatory compliance in all matters.
The court on Saturday directed the police to file an FIR against former Sebi chief Madhabi Puri Buch, three other Sebi officials, former BSE chairman Pramod Agarwal and BSE MD & CEO Sundaraman Ramamurthy.
Sebi said that even though these officials were not holding their respective positions at the relevant point of time (1994), “the court allowed the application without issuing any notice or granting any opportunity to Sebi to place the facts on record”.
Through a release, the BSE said that the company named in court papers, Cals Refineries, was listed at BSE in 1994. The exchange said, “The officials named in the application were not in their respective positions at the time of listing and were not connected with the company at all,” the exchange said. “The application is frivolous and vexatious in nature,” it added.
The bourse also said that the court had “allowed the application without issuing any notice or granting any opportunity to BSE to place the facts on record.” “BSE is initiating necessary and appropriate legal steps,” it said.