MUMBAI: The Bombay HC on Wednesday directed Zee founder & chairman emeritus Subhash Chandra to offer documents sought by Sebi in a March 27 summons in a fund diversion case.
The court, in a verbal order, asked Chandra not to respond to Sebi’s Jan 12 summons but to respond to its March 27 summons. A detailed order is awaited.
Sebi had alleged that Chandra was trying to stop the probe by not responding to its Jan summons.Chandra, through a writ petition, argued that the Jan summons by Sebi did not comply with the provisions of the Sebi Act, contained pre-determined and conclusive allegations, and were in the nature of a show cause notice. After Chandra failed to respond to the Jan summons, Sebi issued fresh ones on March 27. Chandra’s lawyer said Wednesday that the documents called for in the March summons will be provided in four weeks.
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