Last week, a Bench of Justices Gautam Patel and Madhav Jamdar had asked the Securities and Exchange Board of India (SEBI) to commit to a date by which it will complete its enquiry and form a prima facie view on the matter before it.
On Monday, the Bench was informed by advocate Vishal Kanade, appearing for SEBI, that they could form their prima facie opinion within 60 days and sought directions from the Bench to that effect.
Accordingly, the Bench directed SEBI to complete its enquiry before or by June 30, 2022, and directed the CCI to hold its hands in the matter till the SEBI probe is over.
“We will allow SEBI a reasonable time not exceeding 60 days to complete its inquiry and form a prima facie opinion on the matter that is before it. Until SEBI concludes its inquiry and forms its prima facie view, we direct the CCI and its director-general not to take any coercive action and not to adjudicate on the matter that is before it,” the Court stated.
With this, the Bench placed the matter for hearing on July 1, 2022.
Source: Barandbench
