Essel Group Chairman Subhash Chandra Gets Relief In SEBI Summon Case

Bombay High Court has granted relief to Essel Group Chairman Dr Subhash Chandra in a case related to summons from SEBI. As per the latest development, SEBI will not take any action on the summons for the next three weeks. The next hearing on the matter in the High Court is scheduled for April 10.

Dr Shubhash Chandra had filed a petition earlier this month challenging the summons and had sought for it to be quashed. The businessman's counsel, Ravi Kadam, sought for the entire proceedings initiated by the Sebi to be quashed and argued that the capital market watchdog was going ahead with the probe in a "predetermined" manner.

A division bench of Justices Girish Kulkarni and Firdosh Pooniwalla on Wednesday permitted the Sebi to file its affidavit in reply to Chandra's petition. The regulator's counsel, Mustafa Doctor, told the bench that for a period of three weeks from today (March 20)."We accept the statement," the bench said and posted the matter for further hearing on April 10. In January, the stock market regulator had issued multiple summonses to Chandra.