The Bombay High Court has suspended the order issued by a special court that directed the filing of a First Information Report (FIR) against former SEBI Chief Madhabi Puri Buch, along with other senior officials of the Bombay Stock Exchange (BSE). The special court had earlier mandated that an FIR be filed in connection with allegations against Buch and the BSE officials, but they sought relief from the Bombay High Court to dismiss the case.
The matter was heard by Justice Shivkumar Dige, who, after considering arguments presented by Solicitor General Tushar Mehta, senior advocates Amit Desai and Sudeep Pasbola, and the complainant, Sapan Shrivastava, concluded that the special court's order was "mechanical." The term "mechanical" referred to the order being issued without a thorough examination of the facts and circumstances surrounding the case. Based on this reasoning, the High Court granted a stay on the special court's order, effectively halting the mandate for the FIR to be filed.
The case has stirred significant attention, as it involves high-ranking officials in India’s financial regulatory and stock exchange domains. The Bombay High Court’s decision provides temporary relief to Buch and the other officials involved, pending further legal proceedings. The court’s order underscores the importance of ensuring a fair and detailed review before legal actions like FIR filings are initiated.
(This story is published from a syndicated feed)