Chandra had filed a writ petition in opposition to SEBI’s summons in a case associated to alleged siphoning of funds.
Ravi Kadam, the lawyer showing for Subhash Chandra, apprised the Courtroom that the writ petition, inter alia, challenges the summons issued to the Chandra which is successfully a present trigger discover and comprises conclusive allegation.
Kadam additional said that apart from the problem to the summons, there are different challenges in as a lot as the small print of the investigation is being leaked to the media. Kadam sought instructions to restrain such media leaks.
Janak Dwarkadas, showing for Zee, alleged that there couldn’t be anybody apart from SEBI who might have disclosed particulars to the media. He said that Zee is a listed firm and 96 per cent of the shareholders are public. He additionally said that on account of one specific information article, the shares of Zee have tanked nearly 15 %. Subsequently, such media leaks are inflicting prejudice to those shareholders. The Courtroom took a discover of those media leaks and noticed that these leaks shouldn’t trigger hurt to the buyers. Thus, the Courtroom orally directed that SEBI ought to take due care and warning on this regard.
Within the letter dated January 16, Chandra had characterised the investigation by the Securities and Alternate Board of India (SEBI) as “predetermined,” citing proof from the order handed by the appellant court docket, Justice Tarun Agarwalla, Presiding Officer of the Securities Appellate Tribunal.
On August 14, 2023, SEBI had issued an order in opposition to Subhash Chandra and Punit Goenka for alleged fund diversion, and barred them from holding any key managerial positions in listed entities. SEBI mandated the completion of its investigation inside eight months, setting an April deadline.
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