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Sebi Steers Clear Of PIL That Seeks PSU Stake Sale in ITC

Market regulator Sebi has distanced itself from the public interest litigation (PIL) filed by a group of individuals seeking the divestment of government owned institutions from tobacco companies, saying the petition does not seek any relief against it nor does it alleged Sebi to have any role in the matter.

In reply to the Mumbai High Court seeking to make it a party to the PIL, market regulator said that Sebi is body functioning in the interest of investors and being a regulator is responsible to regulate the dealings in securities market and no issue has been raised in the PIL relating to it.

“Sebi is neither a necessary nor proper party for the present proceedings. Therefore, the answering respondent be directed to be deleted from the present proceedings”.

Since replies from all the respondents are yet to be received, the Hon’ble Court granted another 6 weeks for the replies to be filed. It has also granted a time of 4 weeks to the respondents to file their replies to IMAs affidavit.

ITC and the Farmers Association which has joined in the petition seeking non-admission and quashing of the petition citing impact on tobacco farmers livelihood are represented by Bharucha & Partners.

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