Zee News: Mumbai: Tuesday,
March 04, 2014.
Market
regulator Sebi is probing Maharishi Vedic Construction Corporation for alleged
irregularities in collecting money from public investors.
The probe has
been disclosed by the Securities and Exchange Board of India in reply to an RTI
application.
In a response
to a plea filed by a Right to Information applicant, the market regulator said
that "the matter of Maharishi Vedic Construction Corporation Ltd was under
examination by Sebi".
However, Sebi
did not provide further details sought by the RTI applicant.
It was asked
to "furnish the information in its possession on examination of which Sebi
has come to conclusion that Maharishi Vedic Construction Corporation Pvt Ltd is
involved in the activities of collecting/mobilising monies from general public
and mobilisation of such fund/money prima facie appears be in violation of the
provisions of Sebi Act, 1992".
Sebi said
however that the matter was under examination and "therefore, disclosure
of information may impede the aforesaid proceedings".
Aggrieved by
Sebi's response, the applicant moved the Sebi's Appellate Authority, which has
also declined to "interfere with the decision of the respondent
(Sebi)".
In an order
dated February 28, the Appellate Authority said it agrees with Sebi's views
that "disclosure of information prior to completion of examination would
be premature to the process of investigation.
"An
applicant may wait till completion of examination as the disclosure of any
information at any stage prior to such completion may also harm the reputation
of parties involved," it added.
The appellant
had filed an RTI application on December 3, 2013, which was forwarded to Sebi
by the Ministry of Finance, Department of Economic Affairs.
Sebi received
the plea on December 13, 2013 and responded to it on January 8, 2014. The
appellant filed appeal against Sebi's response on January 24, 2014.
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