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CVC asks D R Mehta to comment on Sebi official's charges

Central Vigilance Commissioner, N Vittal, said on Wednesday that the commission is looking into the complaint of a Securities and Exchange Board of India official against its chairman D R Mehta but added that he did not doubt Mehta's integrity.

"We are looking into the D R Mehta case. Sebi deputy general manager G S Reddy gave us some information about Mehta two days ago. We have asked for his (Mehta's) comments," Vittal told reporters on the sidelines of a CII conference.

Vittal, however, clarified that it could not be construed as a probe as the matter was being looked into just because a Sebi official had given some information against Mehta.

He said he did not suspect the integrity of an official like Mehta whom he believed was above board.

He also said that there were complaints against Reddy on various counts.

Mehta filed two defamation suits against Reddy in Jaipur on Monday for allegedly levelling defamatory charges against him. While in one case, Mehta sought criminal proceedings against Reddy, in the other, he demanded Rs 1 million as compensation.

The Sebi chairman had described the charges levelled against him by Reddy as false, fabricated, motivated and malicious and said that Reddy had made him the target because of "personal grouse".

Vittal declined to comment on whether CVC would go through the Sebi inquiry report on alleged price manipulation that brought down the market after the Union Budget.

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