The Securities Appellate Tribunal has adjourned a plea by Sahara group chairman Subroto Roy against market regulator the Securities and Exchange Board of India, till March 11.

The case will be next heard at Shashtri Bhavan in New Delhi before SAT’s acting presiding officer P.K. Malhotra. While Janak Dwarkadas is representing Subrata Roy, for SEBI it is Parteek Sakseria.

While hearing the case on Thursday, tribunal member Jog Singh also asked SEBI not to take any action against the company till March 11. He also asked the market regulator to file a reply to Sahara's petition on that date.

On Wednesday, Sahara’s head Subrata Roy made an appeal to SAT against a SEBI order for attaching his personal assets and accounts on February 13.

According to SEBI, Sahara had violated fund-raising norms. The two Sahara firms had raised Rs 24,000 crore from retail investors through optionally fully convertible debentures.

In August last year, the apex court had directed SEBI to collect the amount and refund it to the investor’s failing which the regulator should freeze the accounts and attach the properties.

So far Sahara has paid Rs 5,120 crore to SEBI and claims that this amount itself is more than the total outstanding liability towards the bondholders of the two companies.

(This article was published on March 7, 2013)
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