Supreme Court questions Securities and Exchange Board of India over unresolved Sandesara probe
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The Supreme Court ordered the Securities and Exchange Board of India to explain in court why it has not closed its investigation into former Sterling Biotech directors despite the brothers' ₹5,100 crore one-time payment and the court's November 19 quashing of related criminal cases.
Why it matters
The court's instruction requires the regulator to justify continued investigative steps or to terminate them, creating a formal procedural obligation on the Securities and Exchange Board of India. That obligation places any further enforcement activity under direct judicial scrutiny, raising immediate legal uncertainty for actions tied to the Sterling Biotech matter.
Implications
- • Securities and Exchange Board of India must present its justification for continuing the probe at the next court hearing or close the investigation — failure to do so may lead the court to order a halt to enforcement actions.
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