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

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MUMBAI: The Securities and Replace Board of India (


) on Wednesday instructed the Bombay Excessive Court it would no longer clutch any extra action on the


issued by it to

Essel Crew


Subhash Chandra

in an alleged

fund diversion case

. Chandra had filed a petition earlier this month engrossing the summons and had sought for it to be quashed.
The businessman’s counsel, Ravi Kadam, sought for the general complaints initiated by the Sebi to be quashed and argued that the capital market watchdog was as soon as going forward with the probe in a “predetermined” formulation.

A division bench of Justices Girish Kulkarni and Firdosh Pooniwalla on Wednesday accepted the Sebi to file its affidavit in reply to Chandra’s petition.
The regulator’s counsel, Mustafa Doctor, instructed the bench that for a period of three weeks from right now (March 20), no extra action under the summons will be taken.
“We in finding the assertion,” the bench said and posted the subject for further listening to on April 10. In January, the stock market regulator had issued quite a lot of summonses to Chandra.


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