Hearing likely today in Alchemist case

SEBI Market regulator Securities and Exchange Board of India (SEBI) has informed the Calcutta High Court that chairperson of the Alchemist Group K.D. Singh is “siphoning off” the company’s funds and buying companies abroad through tax havens. The disclosure was made by SEBI last week during the hearing of a petition involving the group. In its affidavit, the market regulator has asked the Calcutta High Court to pass “ an order directing competent agencies to cause investigation with regard to the allegations.” Lawyers representing Alchemist said that they were aware of the documents submitted by SEBI and would represent their side before the court. The matter is likely to come up for hearing on Tuesday. Mr. Singh was elected to the Rajya Sabha with the support of the Trinamool Congress in 2014. The TMC, however, dissociated itself from him almost a year ago. In March 2017, the Kolkata police started an investigation into allegations by investors that they were duped by the Alchemist Group. Subsequently, the High Court appointed one-man committee to make payments to the investors.