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First Global skips Sebi hearing

BS Markets Bureau

First Global Stockbroking did not attend the second hearing by Sebi on Wednesday over the probe into the stockmarket crisis.

Officials at First Global said there was no question of attending a second hearing as the company had already filed its reply with Sebi.

When contacted, Sebi chairman D R Mehta confirmed that though a second hearing was scheduled with First Global, no representatives of the firm attended the meeting.

He also stated that no action was being contemplated against the firm for its failure to attend.

First Global, however, submitted a written communication to Sebi detailing its reasons for not attending the meeting. "All documents, information and submissions in response to the show cause notice are contained in the written reply filed by us with Sebi on May 10, 2001. We have neither added nor wish to add any further material in that connection," it said.

"On May 21, 2001 we had, through our advocates, placed on record that the hearing stood concluded on May 18, and stated that as per the order of the Bombay High Court, we would expect a reasoned order latest by May 25, 2001," it said.

When contacted Shankar Sharma of First Global said: "Sebi is trying to somehow wriggle out of giving an order by May 25. Our hearing with Sebi concluded on May 18, and Sebi can give its order within the next seven days as per the court directive. There is no question of our going for another hearing with Sebi. "

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