The Securities and Exchange Board of India (SEBI) has announced that it will take legal action against an ACB Court order in Mumbai regarding alleged irregularities in the 1994 listing of Cals Refineries Ltd on the Bombay Stock Exchange (BSE).
A Miscellaneous Application was filed against SEBI’s former Chairperson, three current Whole Time Members, and two BSE officials, seeking police intervention to register an FIR and investigate alleged non-compliance with the SEBI Act, 1992, SEBI (ICDR) Regulations, 2018, and SEBI (LODR) Regulations, 2015.
SEBI clarified that the accused officials were not in their respective positions at the time of the alleged incident and criticized the court’s decision to allow the application without issuing prior notice or granting SEBI an opportunity to present its facts.
The market regulator also noted that the applicant has a history of frivolous litigations, with past cases being dismissed and penalties imposed. SEBI has reaffirmed its commitment to due regulatory compliance and will pursue legal steps to challenge the order.
