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» » News18 Shorts

SEBI moves SC seeking Sahara chief Subrata Roy's detention

Mar 15, 2013 02:48 PM IST Business Business
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New Delhi: The Securities and Exchange Board of India has moved the Supreme Court, asking for the detention of Sahara Group Chairman Subrata Roy for not following the court's orders. Two companies of the Sahara Group were ordered to refund Rs 24,000 crore to subscribers.

The Supreme Court will hear SEBI's plea for Roy's detention after March. SEBI has also sought the detention of two directors of the Sahara Group and the attachment of passports of Subrata Roy and the two directors.

The apex court had directed the two companies to refund about Rs 24,000 crore to their investors within three months with 15 per cent interest per annum for raising the amount from its investors in violation of rules and regulations. In stinging observations against the companies, the court had said that such economic offences must be dealt with "iron hand".

Sahara, on the other hand, had justified its stand on not refunding the amount and said that large portion of the amount has already been redeemed to investors before the judgement was delivered.

In February 2013, SEBI also cracked down on Sahara group, freezing more than 100 bank accounts of two of its companies.

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