SC seeks Centre's reply on PIL on Sebi chairman's appointment

SC seeks Centre's reply on PIL on Sebi chairman's appointment

The Supreme Court on Wednesday sought a response from the Union government on a petition, alleging gross irregularities in the appointment of U K Sinha as chairman of the Securities and Exchange Board of India (Sebi) in February last year.

A bench of Justices S S Nijjar and H L Gokhale also allowed advocate Prashant Bhushan, appearing on behalf of petitioner Arun Kumar Aggarwal to implead Omita Paul, then adviser of former finance minister Pranab Mukherjee as respondent.

The court issued notice to the government on the petitioner’s plea seeking issuance of a writ of quo warranto (by what authority) contending that the appointment of Sinha, a Bihar cadre IAS officer, was illegal.

It, however, did not allow his request to initiate a CBI probe into the appointment of Sinha.

Arguing on the petition, Bhushan alleged that Sinha failed to fulfill the eligibility criteria as mentioned in the SEBI Act.

He contended the process for extension of then Chairman C B Bhave was initiated and his file was sent to appointments committee as he was entitled due to amendment in rules, raising the term from three to five years. But due to intervention, Sinha’s name was cleared, he alleged.

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