Bombay HC sets Subhash Chandra's plea challenging SEBI summons aside

The Bombay High Court on Wednesday disposed of a writ petition filed by Essel Group chairman Subhash Chandra that challenged the Securities and Exchange Board of India (Sebi) summons to appear before the capital markets regulator.

The division bench of Justice KR Shriram and Justice Jitendra Jain disposed of the writ petition in an oral order after the Sebi informed the court that it was withdrawing the first summons directing Subhas Chandra to be present. However, Chandra will have to furnish the documents sought by the regulator through a communication dated March 27.

Chandra, chairman emeritus of Zee Entertainment, was represented by senior counsels Ravi Kadam and Prateek Seksaria. Zee, was also a respondent in the matter, was represented by senior advocate Janak Dwarkadas. On January 12, Sebi summoned Chandra in its ongoing probe against Zee Entertainment promoters for allegedly diverting funds from the media company to promoter group firms. Subsequently, Chandra filed a writ petition in Bombay HC.