Bombay High Court grants relief to Subhash Chandra, former Rajya Sabha member, against SEBI summons due to non-compliance with SEBI Act provisions.
Subhash Chandra, former Rajya Sabha member and chairman emeritus of Zee Entertainment Enterprises Ltd, has been granted relief by the Bombay High Court in his challenge against summons issued by SEBI. The court acknowledged Chandra's argument that the summons did not adhere to the provisions of the SEBI Act, containing pre-determined and conclusive allegations. As a result, the court advised Chandra that he is not required to respond to the specific summons. Chandra also raised concerns about perceived bias within SEBI, an issue noted by the Securities Appellate Tribunal (SAT).
June 26, 2024
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