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HDFC Merger Without SEBI Consent.....

 



Mumbai : HDFC LTD and HDFC Bank has been merged without SEBI permission . An RTI filed to SEBI for copy of SEBI comment letter for HDFC merger . The PIO said that the NSE and BSE give NOC to merger and letter is available at their website. As per exchange NOC there was SEBI comment but not copy of the letter. An appeal was filed before SEBI RTI appellate authority .

SEBI Appellate authority Mr B Rajendran  denied to give copy of SEBI letter as the said copy is in public domain of exchanges . As BSE and NSE does not covered under RTI act and it is company so the contents of their sites are not reliable. They may have taken verbal comment so SEBI may have no copy on record. Without quoting any section SEBI denied copy of letter . 

Question of law is that why SEBI did not upload such letters under section 4 of RTI Act? As per practice supreme court rules 2014 are approved by president of India and GR is passed accordingly . But SC, President , Ministry of Law  RTI section have no copy of president approval letter with signature. 

So how can public rely of exchange letter when SEBI is denying copy of consent of HDFC Merger in RTI without any backing of law. It means the verbal comment was posted in exchange NOC. It is corruption by SEBI and board is responsible for this. The PIO Santosh Kumar Sharma and Appellate Authority B Rajendran are blocking public information to safe guard their well wishers and doing corruption under section 7and 13 of PC act 1988. This is how the SEBI protecting investors interest by hiding documents?


Final Status of   SEBIH/A/E/24/00031



Applicant NameSapan Shrivastava
Date of receipt23/02/2024
Request Filed WithSecurities and Exchange Board of India (SEBI), Head Office
Text of ApplicationThe Ld PIO has not provided the copy of SEBI comment letter of HDFC merger sent to exchanges . The PIO directed to refer third party private company website which is not covered under RTI act 2005.
If the copy of comment is available at SEBI record then it has to be provided as to maintain transparency between investors. Applicant is the affected party whose shares got merged without due process of law and compliance from regulator. As per Law Supreme court rules 2013 must be approved by president under article 145 . But as per RTI information SC and President office has no signed copy of Hon'ble President approval. The NSE and BSE may have taken verbal comment and marked it on their letter .
Kindly direct PIO to provide me the copy of SEBI comment without tampering it else will have no value in the eye of law . If no such letter available then it should be informed to applicant.
Request document (if any)document not provided
StatusAPPEAL DISPOSED OF as on 07/03/2024
Date of Action07/03/2024
RemarksReply :- Appeal Dismissed.
Reply Document
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