Supreme Court of India demands answers from SEBI over Sandesara probe
→SEBI investigation teams must justify the probe's continuation by next hearing
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The Supreme Court of India has ordered India's Securities and Exchange Board of India (SEBI) to explain by the next hearing why it has not closed its probe into former Sterling Biotech directors despite their ₹5,100 crore settlement and the court's earlier quashing order.
Why it matters
The court has directed transfer of the ₹5,100 crore deposit to the secured lender banks. Secured lenders, led by State Bank of India, have submitted a chart of dues and are seeking directions for disbursal of their shares held in the court registry.
Implications
- — SEBI investigation teams must file a written justification with the Supreme Court by the next hearing (scheduled for next Monday) — failure to produce reasons will place the probe before the bench for judicial determination.
- — Legal teams at secured lender banks must be prepared to present and substantiate their disbursal claims at the next hearing — if they do not, transfer of their share of the ₹5,100 crore deposit may be delayed.
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Source
View on Economic Times