New Delhi: The Supreme Court on Thursday stayed proceedings on pleas filed by Sahara group and its chief Subrata Roy against refunding Rs 24,000 crore to investors and attachment of their properties after the SEBI accused them of approaching different forums for delaying the process. A bench comprising by Justices KS Radhakrishnan and JS Khehar also issued notice to them on SEBI's plea seeking transfer of all cases filed by them in Securities Appellate Tribunal and Allahabad High Court to Supreme Court.
During the hearing, the market regulator accused the group and its promoter of making "mockery" of apex court's order which had directed them to deposit Rs 24,000 crore to SEBI which would refund the money to over three crore investors. Senior Advocate Arvind Dattar, appearing for SEBI, submitted that "shocking things" are in CD which was supplied by Sahara Group on investors who had put in their money in its two companies--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC). He said although names of around 6,000 Kalawatis are not there as reported in media but there are 1,433 Anirudh Singhs there in the list whom the group claimed to have refunded money 34 times.
Senior advocate Ram Jethmalani and advocate Keshav Mohan, appearing for Sahara group, on the other hand, submitted that Sebi is wasting their time and also said that there is serious atmosphere of prejudice prevalent against it as SEBI is leaking information to media on investors. The bench, however,
12:25 AM, May 03, 2013
New Delhi: The Securities and Exchange Board of India (SEBI) on Monday filed a fresh petition in the Supreme Court seeking all cases related to two Sahara firms be heard by the court itself. According to SEBI, the SC was in best position to interpret its own order and all petitions filed by Sahara were linked to the apex court's order. The SC is likely to hear SEBI's plea on...
05:43 PM, Apr 29, 2013
Mumbai: The Securities Appellate Tribunal (SAT) will on Saturday hear Sahara Group chief Subrata Roy's plea against market regulator Sebi's attachment order of his bank accounts and other assets, along with those of two group firms and their top executives. The Tribunal will on Saturday hold its "preliminary hearing" of four petitions in this matter related to the high-profile case involving a refund of over Rs 24,000 crore raised through...
07:34 AM, Apr 13, 2013
Mumbai: In the high-profile refund case involving an estimated Rs 24,000 crore payment to over three crore investors, Sahara group's chief Subrata Roy and other top executives have been summoned for personal appearance on Wednesday before the market regulator SEBI. The summons for personal appearance of Roy and three other directors of two Sahara firms were issued by SEBI to examine them for ascertaining details of their personal assets, as...
05:11 PM, Apr 09, 2013
The Securities Appellate Tribunal is set for the final hearing in the Sahara Group case on Tuesday. Sahara Group chief Subrata Roy had filed a plea challenging Sebi's attachment order on his bank accounts and other assets. ...
09:18 AM, Mar 26, 2013
The Securities Appellate Tribunal will begin on Saturday the final hearing on a plea by Sahara chief Subrata Roy against market regulator SEBI's attachment order on his bank accounts and other assets, along with those of two group firms and their top executives. ...
09:31 AM, Mar 23, 2013
The Securities Appellate Tribunal on Tuesday posted for March 23 its final hearing on a plea by Sahara chief Subrata Roy against market regulator Sebi's attachment order on bank accounts and properties of two group firms and their top executives. The matter relates to a Supreme Court direction ordering refund of more than Rs 24,000 crore of investors' money raised by two Sahara group firms -- Sahara India Real Estate...
05:57 PM, Mar 12, 2013
The Securities Appellate Tribunal will hear an appeal by industrialist Subrata Roy Sahara on Thursday, whose group is entangled in a long-running case with market regulator Sebi in connection with refund of money raised from public through issuance of bonds. While the details of the petition could not be immediately ascertained, the Securities Appellate Tribunal (SAT) has listed the matter for 'admission' stage hearing in its cause-list for March 7....
08:52 PM, Mar 06, 2013
The Securities Appellate Tribunal (SAT) on Friday adjourned hearing on Reliance India Ltd's (RIL) appeal against Securities and Exchange Board (SEBI) of India till January 24, after the market regulator sought more time to study the petition in a case related to its rejection of a settlement plea by the corporate major. RIL had sought to settle certain investigations into alleged violation of insider trading norms in sale of shares...
12:40 PM, Jan 11, 2013
Sahara Group on Friday moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator SEBI in a case involving refund of about Rs 24,000 crore with interest to about three crore investors. A bench headed by Chief Justice Altamas Kabir listed the matter for hearing on Monday. ...
06:26 PM, Nov 30, 2012
The Securities Appellate Tribunal on Thursday dismissed an appeal by two Sahara group firms against Sebi in the high-profile case involving refund of about Rs 24,000 crore with interest to about three crore investors. Sahara firms in their appeal had sought the tribunal's intervention in refund of investors' money and had accused the market regulator Sebi of wrongly charging them of non-compliance with a Supreme Court order in this regard....
06:38 PM, Nov 29, 2012
New Delhi: The Supreme Court on Monday admitted Sahara group's plea challenging the Securities Appellate Tribunal (SAT) order directing its two companies to refund around Rs 17,400 crore to their investors, and extended its interim order to stay tribunal's decision till further date. Admitting Sahara's plea, a bench headed by Chief Justice SH Kapadia listed the matter for further hearing on January 20. The group informed the court that it...
04:29 PM, Jan 09, 2012
Mumbai: India raised the ownership trigger for a mandatory takeover offer in a company to 25 per cent from 15 per cent now, a move that could draw more private equity and other investors into listed companies. The chairman of the Securities and Exchange Board of India (SEBI) also said the new rules will require such investors to offer to buy at least 26 per cent more of the company,...
07:47 AM, Jul 29, 2011
The Tribunal has stayed Sebi’s disgorgement orders against 10 entities for their alleged role in IPO scam. ...
05:22 PM, Jan 12, 2007
