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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

HC orders fresh elections in three months

Dr. Rumi F. Beramji Mumbai: In a jolt, the Bombay High Court has directed the state government to hold elections to the Maharashtra Council of Acupuncture (MCA) - which is managed by an Administrator for past three years – within three months, here on Friday. A division bench of the Bombay High Court (Aurangabad Bench) comprising Justice Ajit Kadethankar and Justice Vibha Kankanwadi were disposing off a petition filed a senior medical practitioner, Dr. Laxman Bhimrao Sawant through his...

HC orders fresh elections in three months

Dr. Rumi F. Beramji Mumbai : In a jolt, the Bombay High Court has directed the state government to hold elections to the Maharashtra Council of Acupuncture (MCA) - which is managed by an Administrator for past three years – within three months, here on Friday.   A division bench of the Bombay High Court (Aurangabad Bench) comprising Justice Ajit Kadethankar and Justice Vibha Kankanwadi were disposing off a petition filed a senior medical practitioner, Dr. Laxman Bhimrao Sawant through his lawyer Sharad V. Natu, seeking different reliefs.   These included alleged serious irregularities in the functioning of the MCA and challenging the continuation of the Administrator for a prolonged period pending the elections. The matter was highlighted in detail by  ‘ The Perfect Voice’   on April 21.   Strong Observations In its order uploaded today, Justice Kadethankar and Justice Kankanwadi noted the petitioner’s contentions that the Administrator, Dr. Rumi F. Beramji was appointed for only one year, and that period is over.   “It should be the endeavour of the State to implement the various provisions of the Act, that is, the Maharashtra Acupuncture System of Therapy Act, 2015. Holding of elections and formation of the council as per Section 3 of the said Act should be adhered to by the State Government and it cannot be then postponed in infinity,” said the court.   Accordingly, Justice Kadethankar and Justice Kankanwadi directed the state government, through the Medical Education & Drugs Department (MEDD) to conduct the MCA elections within a period of three months.   Prolonged Tenure Among other things, the petitioner had termed the appointment and prolonged tenure of former MCA Chairman Dr. Rumi F. Beramji as “illegal and arbitrary,” and detrimental to the cause of Acupuncture.   Elected as the inaugural head (May 2018-May 2023) of the five-member statutory body, Dr. Beramji, was subsequently appointed its Administrator after the MCA’s term expired.   Adv. Natu pointed out that the Administrator’s appointment was intended to be a stop-gap arrangement for one year to facilitate the polls, but it was subsequently ‘extended’. However, nearly three years later, Dr. Beramji continued without fresh elections being conducted, raising questions over adherence to statutory norms and principles of governance.   Directionless Members Dr. Sawant further contended that while Dr. Beramji was installed as Administrator, the remaining members of the council were effectively superseded, leaving the regulatory body without its mandated collective structure, and over 6500-members directionless.   He argued that the excuse cited for delay in conducting elections was ostensibly an incomplete voter list, but this reason was flimsy considering the extended time lapse.   The petition, which was heard and disposed of on April 22, also levelled serious allegations against the style of functioning of the MCA Administrator, decisions were taken unilaterally, whimsically and without transparency or institutional accountability.   Selective Targeting It also made accusations of ‘selective targeting’ of certain prominent members who attempted to raise valid issues, including the globally-renowned noted acupuncture expert Dr. P. B. Lohiya of Chhatrapati Sambhajinagar.   Other members raised doubts over approvals granted to more than a dozen acupuncture colleges and some two dozen Continuous Acupuncture Education (CAE) centres in undue haste, purportedly in violation of prescribed norms and alleged shady deals. Many of these institutions, it was claimed, either exist only on paper or lack essential infrastructure, faculty and facilities.   The petitioner called for a comprehensive review of the Administrator’s tenure, a financial audit of the MCA's affairs, and an independent probe by the MEDD into the approvals granted to the institutions in recent years.   Dr. Sawant had sought quashing Dr. Beramji’s appointment as MCA Administrator and setting aside all policy decisions taken during his tenure in the last three years, and ordering the government to hold elections to the body.

Lateral upgrade to ailing annihilation

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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