Won't take action on summons issued to Subhash Chandra for three weeks: Sebi to HC

Mumbai: The Securities and Exchange Board of India (Sebi) on Wednesday informed the Bombay High Court that it will not take any action against Essel Group chairman Subhash Chandra for three weeks in connection with summons it had issued.

Sebi's response came on a writ petition filed by Chandra, chairman emeritus of Zee Entertainment, on March 5 challenging the summons issued to him in connection with an ongoing probe by the market regulator.

Appearing for Chandra, senior counsel Ravi Kadam told the court that the summons were for producing documents with respect to the Sebi investigation. "However, under the guise of summons, all kinds of conclusive findings were brought, which tantamount to a show cause notice," he argued.


Senior counsel Mustafa Doctor, appearing for Sebi, sought two weeks to file its response and gave an undertaking that Sebi would not take any action for the three weeks with regards to the summons.