SC won’t speed up hearing on trading ban

NEW DELHI: The Supreme Court on Tuesday refused to fast track a PIL seeking a direction to stock market watchdog SEBI to declare all sale purchase in Satyam shares made after the forged buyback deal misusing name of Pyramid Saimara.

PIL petitioner M L Sharma tried to impress a Bench headed by Chief Justice Balakrishnan by arguing that crores of rupees were lost because of the forged letter giving hope for the shareholders of the fraudmauled infotech company.

���Chairman of the Pyramid Saimara declared on December 23 that he had a SEBI letter with a direction to buyback shares at Rs 250 each from the market. Within four hours, he went public declaring the letter to be forged, but damage was done,��� Sharma said. Unimpressed, the Bench said it normally did not entertain PILs relating to corporate affairs, especially when the government and authorities were looking into it.