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The Bombay High Court has granted a temporary reprieve for former Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and five other officials by staying a special court's directive to file a First Information Report (FIR) concerning alleged stock market fraud.

The High Court, presided over by Justice Shivkumar Dige, found that the special court had issued its order without detailing any specific roles for the accused. "Hence, the order is stayed till next date. Four weeks time is given to the complainant in the case (Sapan Shrivastava) to file his affidavit in reply to the petitions," stated the High Court, granting Buch and her co-petitioners temporary relief in their ongoing legal battle. The special court's order for an FIR, which involved three current SEBI directors and two Bombay Stock Exchange (BSE) officials, was based on a complaint alleging financial fraud, regulatory lapses, and corruption dating back to a company's listing in 1994.

The complaint, filed by media reporter Sapan Shrivastava, has been dismissed by SEBI as frivolous, with the regulatory body labelling Shrivastava a "frivolous and habitual litigant." "The applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the court, with imposition of costs in some cases. SEBI would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters," SEBI noted in its statement, underscoring its intention to contest the special court's decision.

The Anti-Corruption Bureau (ACB) court's initial order was criticised for suggesting "prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe," without allowing SEBI or BSE the opportunity to present their facts. BSE also contended that the officials named were not in their positions at the time of the alleged fraud, further questioning the basis of the allegations.

"Even though these officials were not holding their respective positions at the relevant point of time, the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record," SEBI stated, highlighting procedural oversights in the court's handling of the case.

The High Court's intervention comes after SEBI challenged the ACB court's directive, with Solicitor General Tushar Mehta representing the SEBI officials in court. Shrivastava has been given a four-week deadline to submit an affidavit in response to the petitions, as the legal proceedings unfold against a backdrop of scrutinised judicial processes in corporate governance and regulatory oversight.

The Oberoi Group, managed by EIH Limited, will introduce two new resorts in Rishikesh.

The projects include an 80-key luxury Oberoi resort carrying the "vilas" branding and a 120-key five-star hotel under the Trident brand. The resorts will be situated on a vast 60-acre site bordered by the Ganges River, offering its guests a secluded retreat. These properties are owned by Devprayag Ganges Resorts and developed by Jamuna Hotel Enterprises, both part of The Ladhani Group. Renowned architect Bill Bensley will design the resorts that will offer luxury amid Rishikesh's breathtaking beauty. This development is a segment of EIH Ltd.'s ambitious growth strategy. It had previously revealed plans for 19 additional properties, including hotels and luxury vessels, by 2029.

"We are beyond excited to collaborate with The Oberoi Group, a brand synonymous with excellence in hospitality. Rishikesh is a destination of immense cultural and natural significance," stated SN Ladhani, Chairman of The Ladhani Group. Meanwhile, EIH Ltd recently posted record Q3 performance, with standalone revenue reaching Rs 722 crore and consolidated revenue achieving Rs 831 crore. Standalone and consolidated EBITDA have climbed to Rs 330 crore and Rs 388 crore, respectively.

Arjun Oberoi, Executive Chairman of The Oberoi Group, stated that the two resorts reflect the group’s unwavering commitment to expanding our presence in remarkable destinations. The construction of these resorts is slated to commence in early 2026. Vikram Oberoi, CEO & MD of The Oberoi Group, added that their goal is to create extraordinary hotels with strong financial performance. The Oberoi Group, established in 1934, manages 31 hotels and two Nile Cruisers across seven countries under the luxury 'Oberoi' and five-star 'Trident' brands.

Bhavish Aggarwal-led Ola Electric Mobility, backed by SoftBank Group, is reportedly set to lay off more than 1,000 employees and contract workers in a bid to tackle escalating losses.

The layoffs are expected to span departments such as procurement, fulfilment, customer relations, and charging infrastructure. This move marks the second round of workforce reductions in less than five months, following the company’s decision to let go of 500 employees in November.

Ola’s decision comes amidst a 50 per cent rise in losses for the December quarter and scrutiny from India's market regulator and consumer protection authority.

According to a report in Bloomberg, the latest wave of layoffs represents over a quarter of Ola's total workforce of approximately 4,000, which includes contract workers not publicly disclosed. As part of a restructuring effort, Ola is automating sections of its customer relations operations. An official statement from Ola stated, “We have restructured and automated our front-end operations delivering improved margins, reduced cost, and enhanced customer experience while eliminating redundant roles for better productivity.”

This overhaul has also impacted front-end sales and service staff in its showrooms and service centres, the report added. Ola Electric’s shares have plummeted by over 60 per cent since its initial public offering in August.

In February, Ola sold over 25,000 units, which was significantly below its target of 50,000 units, a benchmark set for achieving Ebitda breakeven. Adjustments with vendors have also affected vehicle registrations, as the company seeks to optimise costs and efficiencies. In response to service-related complaints, Ola Electric has significantly expanded its presence by adding 3,200 outlets in December. This expansion was part of a strategy to address customer dissatisfaction, which had reached around 80,000 complaints in a month.

Agristo Masa Pvt Ltd, a joint venture between Masa Global Food Pvt Ltd (part of Wave Group) and IMSTO NV, Belgium (holding company of Agristo NV, Belgium), announced an additional investment of Rs 750 crore in its potato processing unit in Bijnor.

The company aims to uplift the agricultural landscape of western Uttar Pradesh and empower local farmers, who have already seen their income levels rise by 50 per cent over the past three years. Since its inception in July 2022, the Bijnor plant has transformed potato cultivation in the region, doubling productivity from 17 tonnes per hectare to 32 tonnes per hectare — one of the highest yields in India. With this fresh investment, the total capital expenditure in the plant will surpass Rs 1,000 crore, ensuring sustainable growth and livelihood opportunities for thousands of farmers.

Over 2,500 farmers are expected to benefit from the expansion, adding to the 500 who have already been positively impacted by the facility’s interventions. Agristo Masa has been encouraging farmers of Bijnor and its surrounding districts like Moradabad and Hapur, known for sugarcane cultivation, to cultivate potatoes. The farmers are being given buyback options, pesticides, seeds and fertiliser by the company.

The Bijnor plant currently caters to both domestic and international markets, including North America, the Middle East, Southeast Asia, and Japan. Initially set up with an investment of ₹250 crore for a potato flakes facility, the new investment will enable the installation of a French fries production line, further enhancing the plant’s output and market reach. Speaking at the groundbreaking ceremony, Manpreet Singh Chadha, Chairman of Wave Group, emphasized the importance of diversifying crops beyond sugarcane and equipping farmers with modern technologies. “We aim to empower the farmers and diversify their cash crop beyond sugarcane. We have helped these farmers to double their potato output with the help of new technologies. Their income has increased by 50 per cent over the last three years,” he stated.

Kristof Wallays, Director of International Expansion, Innovation, and Sustainability at Agristo, highlighted the collaboration between Indian and Belgian expertise. “The Bijnor plant is a testament to how results can be achieved when vision and technical expertise are combined. Partnering with Masa Global Food has allowed us to contribute meaningfully to India’s rapidly evolving agriculture and food processing sectors while ensuring the development of all stakeholders. Next to the expertise of Indian farmers, we can rely on the expertise of several other Belgian companies, such as Vyncke through their Indian venture ForbesVyncke and AVR, specialised in harvesting machines,” he said.

The event saw the presence of distinguished dignitaries, including Princess Astrid of Belgium, Uttar Pradesh’s Finance Minister Suresh Kumar Khanna and Chief Secretary Manoj Singh. Also in attendance were Belgian and Indian government representatives, alongside members of the Belgian economic mission to India. Matthias Diependaele, Minister-President of the Government of Flanders, hailed the expansion as a symbol of strong Indo-Flemish relations and Belgium’s commitment to India’s growth story. “Flanders is known for setting the stage for groundbreaking innovations. The Indian facility of Agristo Masa is equipped with cutting-edge Flemish technology. This new investment not only strengthens economic growth in India but also paves the way for further innovation. This expansion will further scale the production and deepen the collaboration with local farmers,” he said.

A special court in Mumbai has directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials over alleged stock market fraud and regulatory violations.

"There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe," special ACB court judge Shashikant Eknathrao Bangar said in his order on March 1. The court has decided to monitor the investigation and has sought a status report within 30 days.

It noted that the allegations reveal a cognisable offence, necessitating a formal probe. The order also criticized the inaction of law enforcement agencies and the Securities and Exchange Board of India (SEBI), stating that judicial intervention was required under the Criminal Procedure Code (CrPC),as per a PTI report.

The complaint alleges large-scale financial fraud, regulatory violations and corruption. It alleged that a company was fraudulently listed on the stock exchange with the active involvement of regulatory authorities, particularly SEBI, bypassing compliance requirements under the SEBI Act, 1992. The complaint further alleges that SEBI officials failed in their duty, facilitated market manipulation, and enabled corporate fraud. Despite repeated complaints to police and regulatory bodies, no action was taken, the complainant claimed. After reviewing the case, the court directed ACB Worli, Mumbai Region, to register an FIR under relevant provisions of the IPC, Prevention of Corruption Act, SEBI Act, and other applicable laws.

The Securities and Exchange Board of India (SEBI) is preparing to challenge an order by the ACB Court in Mumbai, which directed the filing of an FIR against former chairperson Madhabi Puri Buch, three current whole-time members, and two officials of BSE. In a statement released on March 2, SEBI dismissed the complaint as coming from a “frivolous and habitual litigant” and asserted that it would take legal action to contest the ruling. BSE in a statement said the named company, Cals Refineries Ltd., was listed in 1994. The officials named in the application were not in their respective positions at the time of listing and were not connected with the company at all. The application is frivolous and vexatious in nature.

"The Honourable Court has allowed the application without issuing any notice or granting any opportunity to BSE to place the facts on record. BSE is initiating necessary and appropriate legal steps in this regard. As a responsible market institution, BSE remains committed to upholding regulatory compliance and ensuring transparency," the statement added.