High Court Stays SFIO Probe Into Karvy

In a relief to the stock-broking company, a division bench of the Telangana High Court on Monday stayed the ongoing probe by the Serious Fraud Investigation Office (SFIO) into the alleged financial irregularities at Karvy.

The bench prima facie found that the authorities concerned had not followed the procedure in the case.

The bench passed this interim order in an appeal filed by the the company challenging a single judge order dismissing the company's petitions.

The bench also issued notices to the Ministry of Corporate Affairs (MCA) and the Registrar of Companies (ROC) to file counter-affidavits along with supporting documents, and posted the matter to September 30 for further hearing.