The Securities Appellate Tribunal in June last year had asked Sebi to allow Price Waterhouse, the scam-tainted company’s external auditor, to cross-examine Ramalinga Raju, his brother and managing director B Rama Raju, and former CFO Vadlamani Srinivas. It also asked Sebi to furnish copies of their statements to Price Waterhouse, if necessary.

A bench headed by Chief Justice SH Kapadia asked Attorney General GE Vahanvati and counsel Pratap Venugopal, appearing for Sebi, to apprise the court of the scope of enquiry into the matter under the Sebi Act, and the consequences of the criminal prosecution initiated by CBI and the proceedings initiated by ICAI. Such clarity is required so that no confusion is created resulting in the accused getting away, it said.