Securities & Exchange Board of India, SEBI the market regulator, asked the Supreme Court of permission to arrest Subrata Roy, the chief of Sahara Group of companies.
SEBI demands the arrest of Subrata Roy, the chief of Sahara.
SEBI has decided to go harsh against the Sahara Group of companies. This was all the more clear with their appeal to the Apex court for permission to arrest the Sahara Chief. SEBI has demanded the arrest of Subrata Roy Sahara.
Along with the Sahara Chief, other two directors like Ravi Shankar Dubey and Ashok Roy Choudhary also are likely to be arrested soon, if the Supreme Court permits the market regulator; for their failure to comply with the SC order, given on August 31 last year.
As per the August 31 order, two Sahara Group firms– Sahara Housing Investment Corp and Sahara India Real Estate Corp were ordered to pay a fine of over Rs.24000 Cr to the investors. The fund was raised through OFCDs.
However, the apex court; finding some illegality in the list of investors, asked these firms to pay off the fund with the market regulator. The order further had empowered SEBI to seize the properties of the firms, in case of failure from their part to pay the amount in time. Continue reading →