The agency is still fighting over the jurisdiction to hear their plea.
After 20 long years, the sessions court last month rejected SEBI’s 2004 plea against the order of discharge of Mehta, BPL Ltd and its directors, claiming it does not have the jurisdiction to hear and decide it.
In 2001, SEBI had filed a prosecution complaint against BPL Ltd and its directors Rajeev Chandrashekhar, Ajit Nambiar, R Murali, TC Chauhan and TPG Nambiar, along with Harshad Mehta, for allegedly rigging BPL’s share prices.
It was alleged that BPL’s share capital as in March 1998 was Rs269.30 million and subsequently rose to Rs776.90 million.
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