Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SAT set for final hearing in Sahara Group case

Sebi has also approached the SC seeking orders for detention of Sahara Group chief Subrata Roy.

CNN-IBN

Updated:March 26, 2013, 9:18 AM IST
facebookTwitter Pocket whatsapp
SAT set for final hearing in Sahara Group case
Sebi has also approached the SC seeking orders for detention of Sahara Group chief Subrata Roy.

New Delhi: The Securities Appellate Tribunal is set for the final hearing in the Sahara Group case on Tuesday. 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 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. The Tribunal, in its last hearing in Mumbai on Saturday, had decided to continue to hear the matter here in New Delhi on March 26.

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 would also be part of the proceedings "For Orders" in the case.

During the day-long hearing before SAT on Saturday, Sahara counsel questioned Sebi's action of attaching Roy's property, saying that neither he was issued a show-cause notice and nor did Sebi follow procedure of securing an enabling order from a judicial magistrate. Ganesh also argued that the Sebi Act did not invest the market regulator with the powers of seizure and attachment, while claiming that Roy was not even a director of the two concerned companies.

Countering Sahara's claims, Sebi counsel sought dismissal of the plea by SAT and said that the Supreme Court order in the case was self-explanatory and executive in nature, while Sahara had been given many occasions to present their case. After hearing the two sides, SAT in its last hearing observed that prima facie it looked like Sahara was seeking it to interpret the operative side of a Supreme Court order dated February 8 and the best place for them to do so is the apex court itself.

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)

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
AGL 134.00 -8.97
IWML 1,457.00 -3.23
Bharti Infratel 215.00 -3.76
Vedanta 118.30 -9.35
IRCTC 1,807.05 -5.32
Top Losers
Company Price Change %Gain
Tata Motors 132.05 -8.93
Tata Steel 380.25 -7.89
Bajaj Finance 4,480.95 -5.86
Tech Mahindra 765.00 -5.53
Infosys 745.55 -4.12

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results