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Bombay High Court stays police case against ex-SEBI chief Madhabi Buch in market fraud case

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Bombay High Court stays case against ex-SEBI chief Madhabi Buch

The Bombay High Court on Tuesday stayed a special court’s order directing a police case against former SEBI chief Madhabi Puri Buch and five others in connection with an alleged market fraud and regulatory violations case.

A single-judge bench of Justice Shivkumar Dige ruled that the lower court’s March 1 order had been issued without examining details or assigning specific roles to the accused. The court has given four weeks for the complainant, journalist Sapan Shrivastava, to file his affidavit in response to the petitions filed by the accused.

Background of the case

The case pertains to allegations of fraud during the 1994 listing of a company on the Bombay Stock Exchange (BSE). The special court had directed the Anti-Corruption Bureau (ACB) to register a case based on a complaint alleging financial fraud, regulatory lapses, and corruption. The court observed that there was prima facie evidence warranting an investigation and cited law enforcement inaction as a reason for judicial intervention.

Those accused include Madhabi Puri Buch, along with SEBI’s three full-time directors—Ashwani Bhatia, Ananth Narayan, and Kamlesh Chandra Varshney—BSE Managing Director and CEO Ramamurthy, and its ex-chairman Pramod Agarwal.

High Court’s intervention

On Monday, the High Court agreed to an urgent hearing of the case and directed the ACB not to take any action until the matter was heard. During the proceedings, Solicitor-General Tushar Mehta, representing SEBI officials, argued that the special court’s order was erroneous and lacked jurisdiction. The defense also contended that the complainant had a history of filing frivolous cases, with previous applications being dismissed and penalized.

SEBI issued a statement asserting its commitment to regulatory compliance and announced plans to take legal steps to challenge the order. Meanwhile, the BSE termed the reporter’s allegations as “frivolous and vexatious.”

With the High Court’s stay in place, the matter will now be reassessed over the next four weeks based on the complainant’s affidavit.

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Simone Tata passes away at 95: A look at the visionary who shaped Lakme and modern retail

Simone Tata, the pioneering business leader who built Lakme and helped shape India’s modern retail sector, passed away at 95. Here’s a look at her legacy.

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Ratan Tata’s stepmother and celebrated business leader Simone Tata passed away on December 5, 2025, at the age of 95. Known for her pioneering role in building Lakme and transforming India’s retail landscape, she leaves behind a remarkable legacy that redefined Indian consumer culture.

A legacy that shaped Indian business

Simone Tata, born in Geneva in 1930, first came to India at the age of 23. Two years later, in 1955, she married Naval H. Tata and gradually became an integral part of the Tata family’s business vision. Her journey with the Tata Group began in the 1960s, when she was appointed to Lakme—then under Tata Oil Mills.

Under her leadership, Lakme quickly grew into one of India’s most trusted cosmetic brands. She rose to the position of managing director and later chairperson, introducing global formulations and modernising beauty products for the Indian market. Lakme’s rise was also rooted in a strong national vision—launched on former Prime Minister Jawaharlal Nehru’s suggestion to reduce foreign exchange spent on imported makeup.

Transforming retail through Trent and Westside

After Lakme was sold to Hindustan Lever Limited in 1966, Simone moved to Trent, where she helped build one of India’s earliest modern retail chains. This later gave birth to Westside, a brand that has become synonymous with contemporary Indian shopping culture.

She also played a key role in philanthropic initiatives, guiding organisations such as the Sir Ratan Tata Institute and supporting cultural and children-focused foundations.

Family, personal life and final farewell

Simone Tata is survived by her son Noel, daughter-in-law Aloo Mistry, and grandchildren Neville, Maya and Leah. She also drew public attention in recent years for being the only member of the Tata family to attend Cyrus Mistry’s funeral, despite the widely known strained ties between the families.

Her funeral will take place on Saturday morning at the Cathedral of the Holy Name Church in Colaba, Mumbai.

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Centre orders probe into IndiGo crisis, expects normal flight operations in three days

Amid record cancellations by IndiGo, the Centre has ordered a high-level inquiry and expects flight schedules to stabilise by Saturday, with full normalcy in three days.

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The Centre has initiated a high-level inquiry into the massive disruption of IndiGo’s operations, with the government projecting that flight schedules will begin stabilising by Saturday and full normalisation is expected within three days. The announcement comes as cancellations by the airline crossed 500 for the second consecutive day, severely impacting passengers across major airports.

Civil Aviation Minister Ram Mohan Naidu said the government has directed urgent measures to ensure swift restoration of services. Within minutes of his statement, the aviation regulator DGCA announced the formation of a four-member committee to examine the circumstances leading to the delays and cancellations.

DGCA forms committee as cancellations spark scrutiny

The DGCA said IndiGo was given sufficient time to implement revised Flight Duty Time Limitations (FDTL), yet the airline recorded the highest number of cancellations in November. The regulator added that the pattern suggested gaps in the carrier’s internal oversight and preparedness, warranting an independent probe.

The committee will review the sequence of events that triggered disruptions and recommend measures to prevent a recurrence.

Flight duty rules relaxed; minister defends move

Amid criticism from the Opposition and experts, the DGCA temporarily suspended certain FDTL rules, increasing pilot duty limits from 12 to 14 hours. The changes were widely questioned, with allegations that the government was yielding to pressure from IndiGo.

Naidu defended the decision, stating the move was taken solely to safeguard passengers and that safety standards would not be compromised.
He reiterated that passenger care and convenience remain the top priority.

Assurance of refunds, real-time updates, and support

Highlighting steps taken to ease passenger distress, the minister said airlines must:

  • Provide accurate, real-time updates before travellers leave for airports
  • Initiate automatic refunds for cancelled flights without requiring follow-ups
  • Arrange hotel accommodation for passengers stranded for extended periods

Senior citizens and persons with disabilities have been accorded special priority, including access to lounges and additional assistance. Refreshments and essential services are to be provided to all affected travellers.

Inquiry to determine accountability

The government said the high-level probe will identify what went wrong at IndiGo, establish responsibility, and recommend systemic corrections to ensure such disruptions do not occur again.

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India and Russia vow to walk together against terrorism, reaffirm strategic partnership

PM Modi and President Putin reaffirm India-Russia unity against terrorism, deepen energy and trade cooperation, and discuss peace efforts amid the Ukraine conflict.

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Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday underlined that India and Russia “walk together in the fight against terrorism,” reinforcing a decades-old strategic partnership that remains steady amid global geopolitical churn. The leaders issued the joint statement following talks at Hyderabad House in Delhi, where they also announced steps to boost trade, economic cooperation, and energy collaboration.

India-Russia stand firm on counter-terror cooperation

PM Modi described President Putin as a “dear friend” and highlighted Moscow’s consistent support to India on counter-terror efforts. Russia had earlier strongly condemned the terror attack in Jammu and Kashmir’s Pahalgam, allegedly linked to Pakistan-based Jaish-e-Mohammed, and reiterated solidarity with India’s fight against terrorism in all forms.

The joint remarks emphasized that the bilateral friendship, rooted in trust and mutual respect, has remained resilient for decades despite global challenges.

Focus on energy, trade and use of national currencies

A key highlight of the engagement was Russia reaffirming “uninterrupted shipments” of fuel to India. PM Modi expressed gratitude for Russia’s commitment, noting energy cooperation as a crucial pillar of the relationship. While he did not specifically mention oil purchases, given ongoing Western pressure, he emphasised cooperation in civil nuclear and clean energy.

The two countries also discussed expanding economic ties, including a possible free trade agreement. President Putin said bilateral trade was being targeted to reach USD 100 billion, and acknowledged progress toward using national currencies for payments — a remark expected to draw global attention.

Putin shares peace plan insights on Ukraine conflict

Putin briefed the Prime Minister on Russia’s perspective for a peaceful resolution to the ongoing Ukraine war and appreciated India’s continued role as a “champion of peace.” PM Modi reiterated India’s consistent position on dialogue and diplomacy.

Agreements across jobs, health, shipping and minerals

Officials exchanged multiple agreements covering employment mobility, health, shipping, chemicals and cooperation in critical minerals — further broadening the strategic footprint of the partnership.

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