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Cong demands Gujarat CM's resignation over SEBI penalty

Press Trust of India  |  New Delhi 

The today demanded removal of Chief Minister over the Securities and Exchange Board of (SEBI) slapping fine on his firm for alleged manipulative share trade.

vice-president also took a dig at the ruling party on the issue, saying the revelation "was another tale of 'na khaoonga, na khane doonga'".

He was referring to Prime Minister Modi's promise of not allowing corruption under his watch.

Referring to allegations against chief Amit Shah's son Jay Shah and NSA Ajit Doval's son Shaurya Doval, Gandhi said the case involving Rupani's entity belonged to the series of irregularities. Both Jay Shah and Shaurya Doval have denied the allegations against them.

"Na Khaoonga, na khane doonga ki kahani; Shah-zada, Shaurya aur ab (the tale of not allowing corruption; Shah-zada, Shaurya and now Vijay Rupani)," Gandhi tweeted.

Another leader, Akhilesh Pratap Singh, accused Modi of being tight-lipped on the issue involving Rupani. He asked the prime minister to come clear whether the would face the coming Assembly polls under a chief minister fined by the capital market regulator.

is going to poll in two phases on December 9 and December 14.

Speaking to reporters, Singh said, "The people who talk about zero tolerance against corruption should show zero tolerance in this case. We demand Rupani's resignation. If he doesn't, the prime minister should sack him."

According to media reports, the charged 22 entities, including Rupani's Hindu Undivided Family (HUF), for "manipulative trade" in a little-known company, Saran Chemicals. The HUF has been asked to cough up Rs 15 lakh.

The Securities Appellate Tribunal's (SAT) order published on its website today, however, said that the will pass a fresh order in the case of alleged manipulative share trade involving Rupani's HUF and 21 others.

In its order, the SAT said "shall pass fresh order after giving an opportunity of hearing to all the parties".

The tribunal has "set aside" the penalty order, dated October 27, after hearing an appeal filed by Akash Harishbhai Desai, one of the 22 entities penalised by the regulator for alleged manipulative trading in the shares of Saran Chemicals Ltd during the January-June 2011 period.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 18:48 IST