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SC spikes Binny plea against Sebi probe
Mint Mumbai
|August 07, 2023
Apex court clears the decks for markets regulator to investigate alleged diversion of Rs850 crore by the textile company
The Supreme Court has cleared the decks for the Securities and Exchange Board of India (Sebi) to investigate the alleged diversion of Rs 850 crore by textile company Binny Ltd. The apex court dismissed the company’s plea seeking a stay on the show-cause notice by the markets regulator on Friday.
The Sebi probe is based on accusations that Binny’s promoters misappropriated Rs851 crore through a series of related party transactions in the real estate sector spanning 2014 to 2021.
Earlier, the company had moved the Bombay High Court, seeking a stay on the investigation and urging it to direct Sebi to reconsider its settlement application. However, the Bombay high court dismissed the petition and ordered the company to bear the cost of Rs2.5 lakh for filing an appeal.
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