Mumbai, March 3: The Securities Exchange Board of India and the Bombay Stock Exchange (BSE) on Monday moved the Bombay High Court to challenge an ACB Court order to file an FIR against former SEBI Chairperson, along with some SEBI and BSE officials.

The Bombay High Court agreed to grant an urgent hearing on SEBI and BSE’s plea against the order on March 4 while issuing directions restraining the registration of the FIR.

A single-judge bench of Justice Shivkumar Dige issued this directive after Solicitor General Tushar Mehta and senior counsel Amit Desai mentioned some petitions for urgent hearing, which were still in the process of being filed.

Justice Dige agreed to hear the petitions on Tuesday, directing the ACB not to act on the Sessions Court’s order until then.

Earlier, SEBI said in a statement that it would be initiating appropriate legal steps to challenge this order and remained committed to ensuring due regulatory compliance in all matters.

“The applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the court, with imposition of costs in some cases,” said the capital markets regulator.

A Miscellaneous Application was filed before the ACB Court, Mumbai, against the former Chairperson of SEBI, three current Whole Time Members of SEBI and two officials of the BSE.

Even though these officials were not holding their respective positions at the relevant point of time, “the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record”, according to the SEBI statement.

The BSE also opposed the order, calling the application for an FIR “frivolous and vexatious”.

“The court allowed the application without issuing any notice or granting an opportunity to present our case,” said the BSE.

Mumbai: In a relief to former Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and others, the Bombay High Court on Monday directed the Anti-Corruption Bureau (ACB) not to act on the order of the special court.

Justice S.G. Dige granted relief to Buch, three current Whole Time Members of SEBI, and two officials of the BSE while hearing an appeal by them challenging the order of the special ACB court directing the agency to register a case against them in a listing fraud case.

The matter is likely to be heard on Tuesday.

Solicitor General Tushar Mehta appeared for the SEBI officials implicated in the case, while Senior Advocate Amit Desai represented the two BSE officials allegedly involved.

About The Case

The case pertains to allegations of financial fraud and regulatory violations concerning the listing of a company on the Bombay Stock Exchange in 1994.

On March 1, Special Judge Shashikant Eknathrao Bangar directed the ACB to register an FIR against Buch, the current Whole Time Members of SEBI—Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney—and two officials from the BSE—Pramod Agarwal and Sundararaman Ramamurthy. The court also called for a status report on the probe within 30 days.

The order was passed on an application by Sapan Shrivastava, a reporter from Dombivli, who alleged irregularities in granting listing permission to a company on the BSE in 1994 without complying with the provisions of the SEBI Act, 1992, the SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015.

It was alleged that SEBI officials, including Buch and several Whole Time Members, failed to exercise their regulatory duties, allowing the company to list despite not meeting the necessary compliance norms. The complainant also claimed that the accused engaged in market manipulation, insider trading, and artificial inflation of share prices, thereby defrauding investors and violating the Prevention of Corruption Act.

The complaint further stated that despite multiple complaints to both SEBI and the police, no action was taken.

The special court noted that the allegations in the complaint prima facie disclosed a cognizable offense and required further investigation, considering the inaction by law enforcement agencies and SEBI.

SEBI had issued a statement asserting that it would initiate appropriate legal steps to challenge the special court’s order and remains committed to ensuring due regulatory compliance in all matters.

“Even though these officials were not holding their respective positions at the relevant point in time, the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record,” SEBI stated.

New Delhi, March 3: In the global energy landscape, India stands strong as the third largest biofuel producer, driving the shift towards cleaner and renewable energy, Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Monday.

The minister highlighted in a post on X social media platform that “India has achieved 19.6 per cent ethanol blending in petrol as of January this year and is set to achieve 20 per cent very soon – five years ahead of the original 2030 schedule, reducing fuel imports and emissions.”

During the last 10 years the ethanol blending initiatives have enhanced farmer incomes as it is made from sugarcane, increased rural employment, reduced CO2 emissions equivalent to planting 1.75 crore trees and resulted in savings of Rs 85,000 crore worth of foreign exchange, according to official estimates.

Public sector oil companies, Indian Oil, Bharat Petroleum and Hindustan Petroleum, have been at the forefront of this endeavour, introducing various blends of Ethanol with Petrol across the country.

The oil marketing companies have signed agreements with 131 dedicated ethanol plants. These plants are expected to add an annual production design capacity of 745 crore litres. OMCs have also invested in increasing storage capacity and allied infrastructure for handling higher blending percentages.

The minister also highlighted that, “E100 fuel is now available at 400+ outlets nationwide, bringing India closer to a cleaner, greener future. A journey of progress, innovation, and sustainability.”

The Petroleum Minister first launched Ethanol (E) 100 fuel at 183 outlets of Indian Oil in March 2024. With its high-octane rating, typically between 100-105, Ethanol 100 proves ideal for high-performance engines, ensuring improved efficiency and power output all while minimising environmental impact.

Moreover, Ethanol 100’s can be used in a wide array of vehicles, including flex-fuel vehicles designed to run on gasoline, ethanol, or any blend of the two, showcasing its practicality and potential to become a mainstream fuel option with the right infrastructure in place.

“From the quiet town of Digboi to the world’s top energy markets, India’s petroleum journey is a story of resilience & progress, guided by the visionary leadership of Prime Minister Narendra Modi,” Puri said.

In this context, he highlighted that India has now become the 4th largest in the world in LNG terminal capacity, ensuring a stable and secure energy supply.

The country also has the 4th largest global refining capacity in the world, reinforcing its role as a major energy hub. This has also enabled India to become the 7th largest exporter of refined petroleum products, strengthening global trade and fuel security, the minister added.