The judgement has dealt a rare stinging blow to several powerful reputations. The SC also called the petitioner a 'stool pigeon'
On 3rd November, the Supreme Court (SC) rejected a third public interest litigation (PIL) against the appointment of UK Sinha as chairman of the Securities & Exchange Board of India (SEBI). The 87-page judgement termed the petition ‘motivated’ and felt that the petitioner was a ‘stool pigeon’ of ‘surrogate phantom lobbies’. The judgement has dealt a rare stinging blow to several powerful reputations with this observation: “This is not a petition to protect the fundamental rights of any class of downtrodden or deprived section of the population. It is more for the protection of the vested interests of some unidentified business lobbies.”