Securities Appellate Tribunal will hear the plea of Sahara against the market regulator SEBI.
MUMBAI: Sahara –SEBI case is yet to get another twist as the pleas of Sahara firms against the market regulator is to be heard by the Securities Appellate Tribunal.
SAT will hear four petitions filed by Subrata Roy, the chairman and the managing worker of Sahara, two other Sahara firms and their top executives.
Subrata Roy Sahara has pleaded with Securities Appellate Tribunal against the market regulator which has attached the assets of Sahara groups and the top executives.
The Securities Appellate Tribunal will hold a “preliminary hearing.” The petitions of Sahara firms and the top executives will be heard in the meeting.
The case involves the two subsidiary firms of Sahara Group, its chief Subrata Roy and other directors. Sahara Housing Investment Corp Ltd and Sahara India Real Estate Corp Ltd are the two Sahara firms involved in the case.
SEBI had issued an ‘freezing order” on February 13. All the assets including the bank accounts and other immovable properties were attached. Along with the assets of Mr. Roy, assets of other directors like Ashok Roy Chaudhary were also attached.
This attachment froze the bank accounts as well as all the immovable properties of the Sahara directors and the two mentioned firms. It affected the projects of Sahara. Challenging SEBI’s freezing order, Sahara filed the petition in front of The Securities Appellate Tribunal.
SEBI was planning to sell off the attached assets to find sufficient fund for repaying the OFCD investors. As per the August 31 of SC, Sahara had to repay an amount over Rs.24000 Cr to the investors.
Supreme Court had empowered the market regulator for attaching the properties of the group firms in case of a failure from the side of Sahara.
On April 10, Mr. Roy and other directors appeared before the market regulator who questioned them regarding the details of their income. Sahara questioned the SEBI attachment. It stated that no show-cause notice was given prior to the attachment.