Overview
- The court sharply criticized SEBI for what it called “double standards,” pointing to reluctance to investigate alleged irregularities at Indiabulls Housing Finance, now Sammaan Capital.
- Justices questioned the CBI’s “cool” approach and underscored that allegations involving public funds warranted prompt, transparent action.
- Following the ASG’s statement that the ED will file a new complaint, the bench asked the CBI to submit a fresh affidavit.
- Delhi Police’s Economic Offences Wing was directed to produce records of its inquiry that concluded the ED’s complaint did not disclose a cognizable offence.
- The ASG said the CBI director will convene CBI, SFIO, ED and SEBI for coordination, while no FIR has yet been registered as petitioners press for an FIR and propose an SIT; the bench also questioned the MCA’s rapid compounding of about 100 violations.