Dr. Santosh Kumar bagla has represented and requested for the physical or a Virtual Meeting vide letter dated 02.11. 2020, in reference of FIR 0120/2019 registered on 19.10.2019 against Kotak Mahindra Bank and its senior officials.
Dr. Bagla mentions in his representation that there has been fraud and forgery being done by Kotak Mahindra Bank and its Senior Officials.
SEBI is the regulatory body and it’s the duty of SEBI to stop the share trading of organization on which such grave charges has been standing against the Listed Company and a prima facie case has been established by court of Law.
It is important to point out that as per the listing agreement between listing agreement and stock exchange in which there are certain provision/clause such as “the issuing company agrees to inform the stock exchange, of any action /investigations initiated by any regulatory/statutory authority and the purpose for which it was initiated” the same has not been conveyed.
That further as per the compulsory delisting the securities of a company are removed from a stock exchange as a penal measure for not making submissions/complying with various requirements set out in the Listing agreement within the time frames prescribed.
Meanwhile it is the obligation of SEBI to issue show cause notice to Kotak Mahindra Bank confronting all the illegalities and asking why no action should be initiated against them.
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