Supreme Court Pressures SEBI to Conclude Sterling Biotech Proceedings

The Supreme Court has directed the Securities and Exchange Board of India (SEBI) to expedite the conclusion of proceedings against Sterling Biotech Limited's (SBL) promoters, Chetan and Nitin Sandesara. The court insists on compliance with its order to quash proceedings if Rs 5,100 crore is deposited.

SEBI's counsel noted that deliberations with the Solicitor General are underway to update the court on recent developments. Meanwhile, claims from 20 out of 26 lender banks, amounting to Rs 19,283.77 crore, await disbursal from the deposits held by the court.

The proceedings, stemming from accusations of deceptive financial practices, had earlier led to multiple cases filed against the Sandesara brothers, covering legal areas like the Fugitive Economic Offenders Act and the Companies Act.