Hearing on case related to FIR against Madhabi Buch tomorrow

The case related to the order to register an FIR against former SEBI chairperson Madhabi Puri Buch will be heard in the Bombay High Court on March 4, 2025. The Anti Corruption Bureau (ACB) will not act on the order of the special court till then.

A special anti-corruption court in Mumbai on Saturday ordered an FIR against 6 people including Madhabi Buch in a case related to share fraud.

This order was given by Special Judge SE Bangar on a petition filed by Thane-based journalist Sapan Srivastava. Sapan has alleged large-scale financial fraud and corruption in the listing of the company on the stock exchange.

However, SEBI has challenged the court's order, which will be heard before Justice SG Dige on March 4. The petition has sought cancellation of the order of the Mumbai court to register an FIR.

Complainant alleges that he suffered losses due to manipulation

Srivastava claimed that he and his family had invested in shares of Cals Refineries Limited on 13 December 1994, in which he suffered huge losses. He alleged that SEBI and BSE ignored the company's crimes.

It was listed against the law and failed to protect the interests of investors. Cals Refineries was allowed listing in 1994 and was suspended from trading in August 2017. These shares remain suspended till date.

ACB will have to submit a status report within 30 days

Judge Bangar gave this order after reviewing the complaint and supporting documents. The judge has ordered the Anti-Corruption Bureau (ACB) of Mumbai to register an FIR under the Indian Penal Code, Prevention of Corruption Act. The court has asked the ACB to submit a status report within 30 days.