SC flays CBI, SEBI probe 'reluctance'

The Supreme Court on Wednesday sharply criticised the CBI and market regulator SEBI for their “reluctance” to investigate allegations of “dubious transactions” involving Indiabulls Housing Finance Limited (IHFL), now renamed Sammaan Capital Limited.

- PTI

The court directed the CBI director to convene a meeting with SEBI, the Serious Fraud Investigation Office (SFIO) and the Enforcement Directorate (ED) to examine all accusations raised against the company.

A bench of Justices Surya Kant, Ujjal Bhuyan and N Kotiswar Singh said it was surprised by the "friendly attitude" shown by the CBI in the matter and questioned why an FIR had not been filed despite serious allegations. The judges said that even the Ministry of Corporate Affairs (MCA) appeared to have acted leniently by compounding multiple offences by the company.