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Bombay court admits ex BSE chief Parekh's plea against SEBI

A division bench of Bombay high court, comprising Justices N J Pandya and Shafi Parkar, on April 20 admitted a petition ''on merit'' challenging the order of the Securities and Exchange Board of India, asking former Bombay Stock Exchange president J C Parekh to quit, following his alleged role in the price manipulation in the Sterlite, Videocon and BPL scrips in May, 1998.

The Appellate Authority in the finance ministry had already upheld the SEBI order.

The bench directed the BSE not to fill any vacancy on the governing board and granted no ad interim relief to Parekh.

The bench admitted the petition on merit ''to challenge the order of the SEBI and the Appellate Authority as well as to decide whether the regulatory authority had powers under Sections 11 and 11 b of the SEBI Act to issue such directions expelling any member from the governing board of a stock exchange''.

The case has been adjourned till July 31 and has provided Parekh the liberty to file an application for fixing a date for hearing.

UNI

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