MCX case: C. B. Bhave says CBI working with crazy logic, ignoring facts

Mar 19 2014, 14:51 IST
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CBI has registered a Preliminary Enquiry against former Sebi chief C. B. Bhave for alleged irregularities in granting sanction to MCX Stock Exchange. CBI has registered a Preliminary Enquiry against former Sebi chief C. B. Bhave for alleged irregularities in granting sanction to MCX Stock Exchange.
SummaryEx-Sebi chief C. B. Bhave hits back at CBI for launching enquiry on basis of already disposed of probe.

Hitting back at CBI for launching an enquiry against him on the basis of an already disposed of I-T probe, former Sebi chief C. B. Bhave says the agency was working with a "crazy logic" and has ignored the fact that the tax department itself found no merit in the case years ago.

Hinting at certain revelations from his side in days to come, C. B. Bhave also accused CBI of indulging in "pick and choose" while registering a Preliminary Enquiry against him and Sebi's another former senior official in Shah-related matters.

A former Maharashtra cadre IAS officer of 1975 batch, C. B. Bhave further said that CBI must probe him if it has any evidence. But, CBI would have to "publicly apologise" to him for tarnishing his reputation if they find no substance, he told PTI in an interview.

When asked whether actions taken by Sebi against Sahara and other corporate entities during his tenure could be linked to the present case, C. B. Bhave said, "I have no idea and there is no way of knowing the same unless they (CBI) share something with us.

"Whatever I know is from newspaper reports. They have not shared anything with us and have not contacted us yet."

The PE has been registered on the grounds that Sebi granted a licence to MCX-SX in 2008 and further renewed it during subsequent years despite an income tax department probe against the applicant entities.

Asked for his comments on CBI Director Ranjit Sinha's reported remarks that the agency has only registered a PE, C. B. Bhave retorted, "They are saying there are no raids or arrests yet. Should we wait to get raided and arrested?"

C. B. Bhave, who served as Sebi Chairman for three years till mid-February, 2011, said that "CBI chose to ignore the fact that the I-T department found no merit in its prob against Shah. Yet, CBI chose to file a criminal PE against me".

On CBI's assertion that Shah was given undue benefits by grant of licence, C. B. Bhave said, "it's a completely crazy logic that CBI has", because the licence did not lead into any profits and it was rather granted to create competition.

C. B. Bhave has been credited with several path-breaking orders and decisions taken by the capital markets regulator and the CBI move against him has already evoked sharp reactions from many former bureaucrats including ex-CAG Vinod Rai, as also by Union

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