“This reverse engineering of allegations explains why the complainants have been unable to demonstrate even a basic prima facie case that any favour was granted to any company. Routine SEBI decisions have been recast as part of an alleged grand conspiracy involving not only RPS but also the entire SEBI Board, its Whole Time Members, the High Powered Committee on Settlements (chaired by a retired High Court judge), the Takeover Panel (also chaired by a retired High Court judge), and dozens of SEBI officers.
To ask for a corruption probe into all of these individuals based on speculative claims of “influence”, with not a shred of evidence of any wrongdoing is plainly unjustified and solely politically motivated,” a 116 page order said.
A six-member bench headed by Justice A.M. Khanwilkar in its order held that subject matter of these complaints was identical and the main source material for these complaints was based on a report authored by Hindenburg Research of August 10, 2024.
More to come…