Sebi wants fresh contempt action against Sahara

Sebi wants fresh contempt action against Sahara

The Sebi on Tuesday approached the Supreme Court seeking fresh contempt action against the Sahara group for reportedly obstructing the proposed auction of the Aamby Valley project in Maharashtra.

Advocate Pratap Venugopal mentioned the application filed on behalf of the Securities and Exchange Board of India (Sebi) before a bench presided over by Justice Ranjan Gogoi for urgent listing.

The process of auction was to begin from Tuesday, but the group has withdrawn all business operations in the project, making it difficult to carry out the sale of the project as per the apex court’s directions.

The auction was ordered by the court due to the group’s inability to pay the amount to the Sebi. The group, for its part, claimed to have paid about 75% of the amount.

Justice Gogoi said he would consult Chief Justice Dipak Misra and Justice A K Sikri to consider assembling of a bench for hearing the application.

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