Court dismisses Pearls Group CMD’s plea to stay SEBI’s case

Pearls Group CMD Nirmal Singh Bhangoo’s plea, seeking to stay proceedings in a case, in which his firm has allegedly collected over Rs 49,100 crore from investors in the name of investment schemes violating the law, has been dismissed by a Delhi court. 

Additional Sessions Judge Arvind Kumar junked Bhangoo’s application, saying the offences mentioned in SEBI’s complaint are entirely differently from those alleged in CBI’s FIR.

“It is clear that the offences as mentioned in the (SEBI) complaint pending before this court is entirely different from the offences as alleged in the FIR (of CBI). By no stretch of imagination offences as alleged in complaint and offences alleged in the FIR, can be said to be the same...," the court said.