Sahara case: SC to hear Sebi plea on appointment of receiver

Sahara case: SC to hear Sebi plea on appointment of receiver

Sahara case: SC to hear Sebi plea on appointment of receiver

Market regulator Sebi on Wednesday approached the Supreme Court seeking direction to appoint receiver for taking control of two Sahara firms in view of non-payment of investors money despite the court's order.

Senior advocate Arvind Datar, appearing for Sebi, mentioned the matter before a three-judge bench presided over by Chief Justice T S Thakur, seeking urgent hearing of its application. “There has been no development on repayment front during the last three months. We need some interim order,” he submitted.

The bench, comprising Justices A K Sikri and R Banumathi, noted that Sahara head Subrata Roy has been "inside" since March 4, 2014, and so may take his time in negotiating. The court agreed to consider the Sebi's application on February 2. Earlier, Sebi sought direction for appointment of receiver to dispose of Sahara group’s properties to arrange Rs 36,000 crore due on it. In its plea, Sebi contended that Roy's firms were not in a position to comply with the apex court's August 31, 2012, order to refund the money to investors.