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Supreme Court Questions CBI, SEBI Over Reluctance to Probe Indiabulls (Samman Capital) Allegations
Supreme Court: A bench of Justices Surya Kant, Ujjal Bhuyan, and N. Kotiswar Singh also reprimanded the Ministry of Corporate Affairs (MCA) for clubbing multiple offenses committed by IHFL. The bench also strongly criticized the Securities and Exchange Board of India (SEBI) for the market regulator's "double standards" regarding its jurisdiction to investigate irregularities in various cases.
The Supreme Court has questioned the "reluctance" of the CBI and SEBI to investigate allegations of "suspicious transactions" against Indiabulls Housing Finance Limited, now known as Samman Capital Limited. On Wednesday, the court ordered the agency's director to meet with SEBI, SFIO, and ED to look into the matter.
A bench comprising Justices Surya Kant, Ujjal Bhuyan, and N. Kotiswar Singh also pulled up the MCA for clubbing various offenses committed by IHFL. The bench also came down heavily upon the Securities and Exchange Board of India (SEBI) for "double standards" adopted by the market regulator on the issue of its jurisdiction to probe into irregularities in different cases.
The apex court asked what was preventing officials from filing FIRs and investigating the allegations. It stated that the closure of cases by the MCA would not be an obstacle to the meeting scheduled between the CBI Director and officials from SEBI, SFIO, and ED, and that all allegations made by the Citizens Whistleblower Forum, an NGO represented by advocate Prashant Bhushan, would be investigated.
