A bench of Chief Justice of India (CJI) DY Chandrachud and Justices PS Narasimha and JB Pardiwala said that it cannot grant six months extension as demanded by SEBI.
The bench was hearing an application by SEBI seeking an extension of six months to submit its probe report.
“We cannot grant 6 months now. There needs to be some alacrity in the work. Put together a team. We can list the case in August mid and have the report then.. 6 months cannot be given as a minimum time. SEBI cannot take indefinitely long period and we will give them 3 months,” the Court said.
It then stated that it will pronounce its order on SEBI’s application for extension of time on May 15, Monday.
Pertinently, the bench also said that it has received the probe report submitted by the court-appointed expert committee headed by retired apex court judge, Justice AM Sapre.
“The report of the committee headed by Justice Sapre has been received in the registry and we can see the report over the weekend.. let us list this on Monday. We will pronounce orders on your application seeking time on Monday,” the bench said.
Solicitor General Tushar Mehta appeared for SEBI.
Source: Barandbench
