Supreme Court Directs SEBI Recovery Officers To Decide 106 PACL Property Attachment Objections

The Supreme Court has recently directed that 106 applications challenging the attachment of properties linked to PACL Ltd. be examined by Recovery Officers under Section 28A of the SEBI Act. A bench of Justice Pamidighantam Sri Narasimha and Justice Atul S. Chandurkar was dealing with a batch of interlocutory applications filed by individuals and companies against the recommendations of Justice Retd. R.S. Virk, who had recommended dismissal of their objections. Justice Virk had been...

CRB Mutual Fund Case: Supreme Court Rejects Former Director's Plea Against Forensic Audit Order

The Supreme Court recently refused to interfere with a Delhi High Court order directing a forensic audit and SEBI supervision of the winding up of the CRB Mutual Fund, dismissing a special leave petition filed by C.R. Bhansali, a former director of CRB Capital Markets Ltd., in the long-running proceedings arising from securities and mutual fund irregularities of the 1990s. A bench of Justices J.B. Pardiwala and K.V. Viswanathan said: “Having heard the learned counsel appearing for the parties...