New Delhi: The Supreme Court on Wednesday issued notices to Securities and Exchange Board of India (SEBI) Chairman UK Sinha and the Central Government on a PIL that questions the manner of his appointment as the market regulator's chief. The PIL alleges that Sinha suppressed facts pertaining to receiving remuneration from UTI-AMC before his appointment.
According to the PIL as Sinha had not disclosed the facts before his appointment so he should be removed from the post of SEBI Chairman.
After admitting a petition by Arun Kumar Aggarwal, which alleged that Sinha's appointment as the head or market regulator was vitiated due to several irregularities and was mala fide, the Supreme Court bench of Justice Nijjar and Justice HL Gokhale issued the notices directing them to file their replies within four weeks.
The bench also impleaded the President's Secretary Omita Paul, who was the advisor of the then finance minister when the decision to appoint Sinha as SEBI Chairman was taken by the government.
The bench impleaded her after it was alleged that she had bent rules to facilitate Sinha's appointment as SEBI chairman by bypassing other candidates who had applied for the post. The bench, however, refused to issue notice to the Centre on plea for CBI inquiry into appointment of Sinha.
(With additional information from PTI)
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