MCX Writ Petition Withdrawn; Audit Order Dismissed

Authority: High Court of Judicature at Madras

Order Date: 07 August 2024

Case Overview

• Petitioner: Manoj K Sheth filed a writ petition (WP No. 2356 of 2022) under Article 226 seeking a mandamus directing the SEBI Southern Regional Office to appoint an external audit agency with valid credentials to investigate the software contract awarded by MCX to the London‑based firm PSEB for developing software for the spot exchange trading platform and order‑pass system.
• Respondents: 1) Multi Commodity Exchange of India Ltd (MCX); 2) Mr Saurabh Chandra, Chairman – MCX; 3) Mr P.S. Reddy, MD & CEO – MCX; 4) Securities and Exchange Board of India Southern Regional Office.
• Procedural History: During the hearing, counsel for the petitioner requested permission to withdraw the writ petition. The Court recorded the request.

Final Outcome

• The Court granted the withdrawal request, dismissed the writ petition as withdrawn, imposed no costs, and ordered closure of the connected miscellaneous petitions.

Topics: Legal Dispute, Audit Appointment, Stock Exchange Regulation