Order of ACB Court, Mumbai is in respect of allegations pertaining to the listing of a Company in 1994
FinTech BizNews Service
Mumbai, March 2, 2025: SEBI and BSE both are initiating appropriate legal steps to challenge order of ACB Court.
SEBI has issued a statement today with regard to an Order of ACB Court: “A Miscellaneous Application was filed before the ACB Court, Mumbai against the former Chairperson of SEBI, three current Whole Time Members of SEBI and two officials of the BSE. The application sought directions for the Police to register an FIR and investigate into the alleged irregularities in granting listing permission to a Company on the Bombay Stock Exchange in 1994, without complying with the provisions of the SEBI Act, 1992, SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015.Even though these officials were not holding their respective positions at the relevant point of time, the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record. The applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the Court, with imposition of costs in some cases. SEBI would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters.”
BSE is also initiating necessary and appropriate legal steps. has issued a statement today with regard to an Order of ACB Court: “ACB Court, Mumbai has allowed a miscellaneous application filed before them against certain SEBI officials and ex-chairman of BSE and the current MD &CEO. The application had sought directions for registration of a FIR and investigations into alleged irregularities in the listing of a company in 1994.
The named company, Cals Refineries Ltd., was listed at BSE in 1994. The officials named in the application were not in their respective positions at the time of listing and were not connected with the company at all. The application is frivolous and vexatious in nature.
The Honourable Court has allowed the application without issuing any notice or granting any opportunity to BSE to place the facts on record.
BSE is initiating necessary and appropriate legal steps in this regard. As a responsible market institution, BSE remains committed to upholding regulatory compliance and ensuring transparency.”
