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Petition against SEBI head UK Sinha withdrawn in SC
November, 21st 2011
The petition filed against UK Sinha in the Supreme Court by S Krishnaswami has been withdrawn, reports CNBC-TV18. The petition was seeking process of SEBI chairman appointment.
Earlier, the Finance Ministry defended the appointment of UK Sinha as Sebi Chief and refuted the allegation that rules were changed for the appointment of its chairman and members under corporate pressure.
In an affidavit filed by the Ministry in the Supreme Court, the government submitted Sinha was the unanimous choice of the Search-cum-Selection Committee and no undue favour was shown by it for the post.
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