Tags:
Journalism of Courage
Market regulator Securities and Exchange Board of India (Sebi) today informed the Supreme Court that it was ready to reconsider the report of the high-powered committee which probed the IPO scam of 2006 and role of depository NSDL in the scandal.
Till the last hearing in March,Sebi had said that the report was non-est (non-existing) and had virtually given a clean chit to NSDL in the IPO scam CB Bhave was its chairman who had earlier headed National Securities Depository Ltd (NSDL).
During the hearing today,Attorney General Goolam E Vahanvati representing Sebi,informed the apex court that the regulator in its board meeting held on April 26 decided to reconsider the report. He further submitted that Sebi has decided to reconsider the report with a view to accept it.
Prashant Bhushan,counsel appearing for the NGO,Social Action for Manav Adhikar,opposed the Sebi action.
However,the bench comprising RV Raveendran and AK Patnaik seemed to be satisfied with Sebis stand.
The bench has directed to list the matter in August for next hearing.
Meanwhile,Sebi in its affidavit filed before the apex court said the board of Sebi pursuant to the (Supreme Court) order of March 28,2011,had reconsidered the order of the Special Committee dated December 4,2008,at its meeting held on April 26,2011.
