HC reserves order on SEBI official’s remand

The Gujarat high court has kept its order reserved till Thursday on the CBI application demanding further remand of Avarjeet Singh, a senior official of Securities and Exchange Bureau of India (SEBI). 

Working as deputy general manager with SEBI, Singh was allegedly caught red-handed accepting bribe in Delhi in lieu of wiping off charges against a stock broker who is an accused in the global depository receipt (GDR) scam. After arrested, Singh was brought to Ahmedabad and a CBI court sent him to three days' remand. 

When magisterial court refused further remand of Singh, CBI moved the HC demanding remand of at least seven days. CBI counsel Yogesh Ravani contended that Singh could be a part of larger network and by interrogating, more people could be brought in legal net. 

He also submitted that if further remand is denied, it would gravely affect the investigation. The probe agency is yet to recover Singh's mobile phone, which could reveal his contacts. The CBI also contended that at least a week's time was required in order to take Singh to Delhi for the purpose of recovery. Singh's counsel vehemently opposed the agency's demand. 

After hearing both the parties, justice R H Shukla kept Thursday for order in this case. Besides Singh, a company secretary Ashok Mehta was also arrested from Ahmedabad in the same case. Mehta was remanded for five days. 

The duo was arrested after a promoter of Ahmedabad-based trading company S V Enterprise, Sarfaraz Khan lodged a complaint with the CBI. SV Enterprise and several other broking firms and investors were restricted from engaging in stock-market transactions by SEBI last September. (Times of India)