PACL: “SEBI has singularly failed”, Dushyant Dave & Pratap Venugopal face off in SC

The case relating to the PACL scam in the Supreme Court witnessed an intense round of arguments today between Senior Advocate Dushyant Dave and Advocate Pratap Venugopal..The matter came up for hearing today before Justices Kurian Joseph and Mohan Shantanagoudar. The company officials sought a modification of the Court’s earlier order to the extent that sale of properties should be done with the supervision and approval of SEBI and the Lodha Committee..Dushyant Dave, appearing for a group of investors, then submitted that SEBI had failed in its duty..“They are seeking a review of Your Lordships’ order. CJI Lodha has filed a damning report against the company as per which the company has duped people of Rs. 56,000 crore. SEBI has singularly failed.”.Senior Advocate Arvind Datar and advocate Pratap Venugopal, appearing for the SEBI committee, responded strongly to Dave’s submissions..Alleging that Dave’s client unncessarily intervened in a litigation pertaining to the case in Australia, Venugopal said,.“Who are they to come and say this? What sort of argument is being advanced by them? This is done to mislead and misdirect the court.”.The Court proceeded to adjourn the case for April, while directing that the sale of property by PACL shall be done with the approval of SEBI and the Lodha committee.