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1-min read

SAT defers SEBI-Sahara case till April 13

Sebi has also approached the Supreme Court seeking orders for detention of Subrata Roy.

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Updated:March 26, 2013, 12:37 PM IST
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SAT defers SEBI-Sahara case till April 13
Sebi has also approached the Supreme Court seeking orders for detention of Subrata Roy.

New Delhi: The Securities Appellate Tribunal (SAT) on Tuesday adjourned its hearing on Sahara-Sebi case. The hearing will now happen on April 13. Sahara Group chief Subrata Roy had filed a plea challenging Sebi's attachment order on his bank accounts and other assets.

The matter relates to the Supreme Court ordering the 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, wherein Sebi has been asked to facilitate the refund.

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

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' on Tuesday, 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.

(with additional inputs from PTI)

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