Press Esc to close
Tuesday 03 March 2015
News updated at 12:50 PM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

SAT adjourns hearing to Apr 13 in Sahara-Sebi case

New Delhi, Mar 26, 2013 (PTI):
Subrata Roy

The Securities Appellate Tribunal today adjourned its hearing till April 13 on Sahara group chief Subrata Roy's plea against Sebi's attachment order of his bank accounts and other assets, along with those of two group firms and their top executives.

Roy has approached the SAT against the attachment orders issued by Sebi last month. The Tribunal, in its last hearing in Mumbai on March 23, had decided to hold its final hearing in the matter here in the National Capital on March 26.

However, SAT today decided to take up the matter again on April 13, along with all the related petitions in the case.

The case relates to a Supreme Court direction ordering refund of more than Rs 24,000 crore of investors' money raised by two Sahara group firms -- Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd -- through issue of bonds, wherein Sebi has been asked to facilitate the refund.

After expiry of the court-set deadline for the refund, Sebi in February issued attachment orders against the two firms and their top executives, including Subrata Roy.

Roy's appeal against Sebi order was listed by SAT for 'Final Hearing' today, while Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd were also listed as part of the proceedings "For Orders" in the case.

Sahara has questioned Sebi's action for attaching Roy's property, saying that neither he was issued a show-cause notice nor did Sebi follow procedure of securing an enabling order from a judicial magistrate.

Countering Sahara's claims, Sebi has sought dismissal of the plea, saying that the Supreme Court order in the case was self-explanatory and executive in nature and Saharas had been given many occasions to present their case.

In the meantime, Sebi has also approached the Supreme Court seeking orders for detention of Subrata Roy and this plea has been posted for hearing in the first week of April.


Go to Top

Photo Gallery
Cambodian artists presenting dance-drama at the International Ramayana Mela...

Cambodian artists presenting dance-drama at the International Ramayana Mela...

Cyclist at the Rajpath as the national capital received early morning showers in New Delhi...

Cyclist at the Rajpath as the national capital received early morning showers in New Delhi...

A waterlogged street after the early morning showers in the national capital...

A waterlogged street after the early morning showers in the national capital...

A train moves through snow covered railway track as the region received heavy snowfall in Anantnag..

A train moves through snow covered railway track as the region received heavy snowfall in Anantnag..

Artists dressed up as Hindu deities Lord Krishna and Radha play Holi...

Artists dressed up as Hindu deities Lord Krishna and Radha play Holi...

People throw coloured powder as they celebrate Lathmar Holi at Nandgaon...

People throw coloured powder as they celebrate Lathmar Holi at Nandgaon...

Prime Minister Narendra Modi with the new Chief Minister of Jammu and Kashmir Mufti Mohammad Syeed..

Prime Minister Narendra Modi with the new Chief Minister of Jammu and Kashmir Mufti Mohammad Syeed..

Sangakkara and Thirimanne celebrate beating England in their Cricket World Cup match...

Sangakkara and Thirimanne celebrate beating England in their Cricket World Cup match...

Sangakkara congratulates team mate Perera who celebrates talking the wicket of England's Morgan...

Sangakkara congratulates team mate Perera who celebrates talking the wicket of England's Morgan...

Pakistan players celebrate with wicket of Zimbabwe's Chamunorwa Chibhabha during ...

Pakistan players celebrate with wicket of Zimbabwe's Chamunorwa Chibhabha during ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523