SC asks Sebi: Why delay the court’s decision to order closure of Sandesara fraud case?

New Delhi: Supreme Court Opposition to Sebi not concluding proceedings against former directors of Sterling Biotech (SBL), Nitin and Chetan Sandesara despite Sebi directing quashing of all pending criminal cases related to bank fraud after paying Rs 5,100 crore in court.A bench of Justices JK Maheshwari and AS Chandurkar agreed to hear the plea of ​​the Sandesara brothers and adjourned the hearing to March 23. It asked why Sebi was “obstructing” the court order to close all cases against them.Last year, after the Center and the Enforcement Directorate agreed to pay Rs 5,100 crore as a one-time settlement to settle litigation related to the CBI, ED, SFIO and IT department cases, the SC for the first time ordered that the criminal proceedings in the multi-crore bank fraud case be dropped and the brothers and their associates be allowed to go free after the accused agreed to repay the money.Thereafter, they deposited this amount. The SC had said that continuing the criminal proceedings would not serve any useful purpose considering that public funds are being returned to the lending banks.The SC on Monday will also decide on an application filed by a local lender led by SBI seeking directions to pay the respective claims amount deposited by the Sandesara brothers in the court registry. The lender places a chart showing the dues of the lending bank and their respective share to be distributed.