Economy Sep 27, 2012
The Supreme Court on Wednesday issued notice to the central government on a petition seeking the quashing of the appointment of UK Sinha as the SEBI (Securities and Exchange Board of India) chief. The court also issued notice to Sinha.
The apex court bench of Justice Nijjar and Justice HL Gokhale issued notice on a petition by Arun Kumar Aggarwal alleging that Sinha's appointment as the head or market regulator was vitiated due to several irregularities and was mala fide.
The petition has also pleaded for an investigation by an independent agency into the manner in which Sinha was appointed.
The bench however confined its notice to asking under what authority Sinha had been appointed to head the market regulator.
The court said that it would consider the plea for investigation by an independent agency later on.
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