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Lucknow High Court to hear Sahara-Sebi case

CNN-IBN
Apr 12, 2013 at 09:07am IST

Lucknow: A division bench of the Lucknow High Court will hear the Sahara-Securities Exchange Board of India (Sebi) case on Friday. Subrata Roy led Sahara India had filed a writ petition seeking to quash the market regulator's February 13 order. The court had directed Sebi to file a counter affidavit. It had also advised Sebi to seek clatification on whether the Supreme Court judgement in this case relates only to two companies - Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL) - and not to the other companies of the group.

Sebi has passed an order on February 13 asking for the attachment of assets of the two Sahara group companies - SIRECL and SHICL - and four individuals, namely, Subrata Roy Sahara, Vandana Bhargava, Ravi Shankar Dubey, and Ashok Roy Choudhary.

On August 31, the Supreme Court had ruled that finance schemes run by SHICL and SIRECL were illegal and asked them to repay Rs 24,000 crore to millions of investors. Properties of SHICL and SIRECL and the companies' executives, as well as liquid assets, were ordered attached in February after Sebi said that the Sahara group had defaulted on two payments to investors. Last month, the watchdog moved the Supreme Court seeking permission to arrest Roy.

Lucknow High Court to hear Sahara-Sebi case

Subrata Roy led Sahara India had filed a writ petition seeking to quash the market regulator's February 13 order. The court had directed Sebi to file a counter affidavit.

Sebi on Wednesday also questioned Subrata Roy, managing worker and chairman of the Sahara Group, and three directors, seeking details of their assets and bank accounts. "They presented (before Sebi) the details of their personal assets. Roy's personal assets were around Rs 3 crore only," a Sahara Group press statement said.

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