Indiabulls probe: SC slams Sebi, CBI for 'passive approach'

"(What is the problem) when we are conferring you jurisdiction. When we want to give you some authority, why are you reluctant? Every day we see double standards of Sebi," Justice Kant said.

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Referring to a past instance where the apex court constituted a high-powered committee, Justice Kant said Sebi’s stand was that it was the only agency that had the right to auction properties.

"and what you have been auctioning, we know that! Thirty crore (₹30 crore worth of) property, you have sold in a few lakhs. When courts are instructing, you should perform your statutory duty. You say you don't have power. Why are your officers getting a salary if you do not have power," Justice Kant asked.

The Bench also expressed dissatisfaction with the CBI's handling of the case.

“Very surprisingly, the CBI has a very cool kind of attitude and approach in this case. We have never seen such a friendly attitude as we find in this case... This is ultimately public money... Even if 10 per cent of the allegations is correct, still there are some large-scale transactions, which can be dubbed dubious. Once doubt is created, you register an FIR... What really prevents the authorities? Why is the MCA indulging in closing the matter like this? What is their interest in this,” Justice Kant asked.