The bench, headed by Chief Justice DY Chandrachud, granted the regulator time till August 14 to submit a status report and said it may consider extending the time based on the progress made by Sebi till then. The court may hear the matter again in July. Till then, the six-member expert committee will assist the court and hold further deliberations.
"The report by Sebi is central to the adjudication of the batch of petitions pending before the Supreme Court of India. Considering the complexity of issues, the exposure of Indian banks, and stake of large number of investors, Sebi is treading carefully to avoid any misstep," said Vipul Jai, Partner, PSL Advocates and Solicitors.
A submission by the Solicitor General of India on behalf of Sebi on Wednesday clarified that the investigation referred to by the finance ministry in its reply to the Parliament on July 19, 2021 was with respect to possible non-compliance with minimum public shareholding norms and had commenced in October 2020, and not in 2016.
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