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. Continue reading
The Securities and Exchange Board of India (SEBI) urged the public not to enter into any dealings with two firms of Sahara Group whose properties are attached by SEBI.
On February 13, the Securities and Exchange Board of India ordered the attachment of all movable and immovable properties of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd. Along with the attachment of properties of these firms, the properties of their three promoters and directors also were attached by SEBI, the Market Regulator.
SEBI froze the projects of both the Sahara firms as they failed to comply with the Supreme Court order. In 2012 August, SC had ordered these firms to repay over Rs.24000 Cr to the OFCD investors. Additionally the SC had empowered the Market regulator to seize the property of these forms in case if these firms failed to pay the amount within the prescribed time. Continue reading