Benami Demat & Large IPO Applications Have Little Criminal Overtone: Bombay HC

Manoj Gokulchand Seksaria Vs State of Maharashtra (Bombay High Court) Opening of Demat account in benami name and making large IPO application involves little criminal overtone Bombay High Court held that dispute between SEBI and petitioner regarding opening of Demat Account in fictitious and benami name and making of large applications in IPO is settled and the said dispute is predominantly commercial in nature having little criminal overtone. Hence, order quashed and set aside. Facts- Two offences were registered on the complaint of Chief General Manager, SEBI with prosecution agency, CBI w...