The Securities and Exchange Board of India (SEBI) has confirmed to the Bombay High Court that it will not proceed further with the summons issued to Essel Group Chairman, Subhash Chandra, in an alleged fund diversion case. Chandra had filed a petition challenging the summons and requested for it to be quashed. His counsel argued that the SEBI probe was being carried out in a predetermined manner.

A division bench of Justices Girish Kulkarni and Firdosh Pooniwalla has granted SEBI permission to file its affidavit in response to Chandra’s petition. During the hearing, SEBI’s counsel, Mustafa Doctor, stated that no further action would be taken under the summons for a period of three weeks.

The bench accepted SEBI’s statement and scheduled the matter for further hearing on April 10. In January, SEBI had issued multiple summonses to Subhash Chandra.

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