The Securities and Exchange Board of India is required to act in the public interest, the Bombay High Court said on Friday castigating the regulatory body for not complying with an order passed by the court in October.
A division bench of Justices G S Kulkarni and Jitendra Jain said such an approach by the SEBI would cause a dent in the confidence reposed in the public body by investors.
The HC had in October directed the SEBI to provide certain probe documents to the minority shareholders of a company. The company and the SEBI challenged this order in the Supreme Court, which dismissed the appeals in November.
The petitioners are minority shareholders of Bharat Nidhi Limited and had made various complaints to SEBI accusing the company of violation of securities laws.
The SEBI had then initiated investigations into the same, issued a show cause notice to the company and later passed a settlement order, which has now been revoked.
The petitioners’ case is that neither the investiga
| Subscribe To Our Free Newsletter |
