Press Esc to close
Tuesday 26 September 2017
News updated at 3:07 AM IST

SAT adjourns hearing to Apr 13 in Sahara-Sebi case

New Delhi, Mar 26, 2013 (PTI): 12:20 IST
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
Samajwadi Party Chatra Sabha activists shouting slogans and...

Samajwadi Party Chatra Sabha activists shouting slogans and...

Congress vice president Rahul Gandhi, accompanied by Gujarat...

Congress vice president Rahul Gandhi, accompanied by Gujarat...

Railway Police Force (RPF) showing 44 kgs of 'Ganja'...

Railway Police Force (RPF) showing 44 kgs of 'Ganja'...

Finance Minister Arun Jaitley gestures as he briefs the...

Finance Minister Arun Jaitley gestures as he briefs the...

ABVP members shout slogans during a protest in...

ABVP members shout slogans during a protest in...

A view of Jawaharlal Nehru Auditorium during 62nd...

A view of Jawaharlal Nehru Auditorium during 62nd...

People busy in shopping for Durga puja...

People busy in shopping for Durga puja...

Arnold Schwarzenegger gestures during the photo call to promote...

Arnold Schwarzenegger gestures during the photo call to promote...

A Eurofighter jet performing in an air show on the coast at Terracina...

A Eurofighter jet performing in an air show on the coast at Terracina...

Japan's Prime Minister Shinzo Abe speaks during a press conference...

Japan's Prime Minister Shinzo Abe speaks during a press conference...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.