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.
priyanka.pani@thehindu.co.in
Keywords: Sahara group, Sahara India Real Estate Corp, Sahara Housing Investment Corp, Subrata Roy, Sahara group refund of money, Sahara group investors, public money in Sahara group,
Comments:
SEBI has been under fire for various money laundering activities and
climbing the stairs to head the pile of corruption at very good pace.I
would request people to first deal with SEBI (Established by Government
of India),after that deal with Sahara which has worked wonders for
welfare of people since so many years.
THE BIGGEST FRAUD 'SUBRAT ROY'ON OUR MOTHER LAND IS STILL SURVIVING BY FOOLING COURTS,REGULATORS,& MEDIA
Fraud is business in sahara since inception with the aid of judicial system. Complicating issues in various courts at same time as now with SAT and High Court in same case with different names............koshish to save Sahara Supreemo.
A Dirty game is being played by SEBI. Just because you are the regulator you cannot be a dictator. SEBI should understand the concern and integrity of SAHARA that playing tactics. The Head of SEBI or the officer inchange should be asked to quit, and SC should give direction to this wrong actions by SEBI.
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