Sebi asks empanelled law firm to return most briefs given to it
ELP), which recently defended the founders of Zee Entertainment against the regulator in an appeals court, to return most of the earlier briefs given to the Mumbai-based law firm to represent Sebi before various judicial forums, three people with direct knowledge of the matter told ET. The Sebi action came after ELP represented Subhash Chandra and Punit Goenka, founder-promoters of Zee Entertainment (ZEE) in the securities appellate tribunal (SAT).
The Zee founders had challenged Sebi's June 12 interim order that restrained them from holding directorships or key managerial positions in listed entities on account of alleged diversion of funds. «An email was sent to ELP by a senior official from the legal department of Sebi to return all the briefs given to the firm except those in advanced stages,» said one of the persons cited above.
«As per Sebi rules, empanelled solicitors' firms or advocates, except senior counsels, cannot take any brief against the regulator before any judicial forums including SAT.» ELP has been a Sebi-empanelled firm for almost a decade and represented the regulator in several cases in the SAT, high courts, and the Supreme Court. An e-mailed query to Sebi did not elicit any response.
«As you may be aware, Sebi is serviced by a panel of law firms of its own choice. Just one aspect I would like to highlight — it is the client's absolute prerogative to appoint a lawyer of its choice,» said Suhail Nathani, managing partner, ELP.
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