Sirecl

SAT adjourns hearing on Sahara plea to April 20

Mumbai: The Securities Appellate Tribunal on Saturday adjourned to April 20 its hearing on 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. After taking up the petition for its "preliminary hearing", the Securities Appellate Tribunal (SAT) posted the matter to April 20 as the counsel for Sahara Group sought adjournment due to medical reasons.

The matter relates to the case involving a refund of over Rs 24,000 crore raised through "various illegalities" by two Sahara companies. Four petitions have been filed against Sebi, namely by Sahara chief Subrata Roy himself, Sahara Housing Investment Corp Ltd (SHICL), Sahara India Real Estate Corp Ltd (SIRECL), and Ashok Roy Chaudhary and others.

The petitions have challenged Sebi's February 13 order attaching bank accounts, investments and other assets of the two companies and their four top executives, including Roy, to eventually sell them for recovering required funds for the investor refund as per a Supreme Court order. Roy had first approached SAT against Sebi's attachment orders in February, followed by pleas filed by other entities.

The Tribunal last heard the matter on March 26, when it decided to proceed further on all the petitions together. Incidentally, Sebi passed another order in this case on March 26, hours after SAT's last hearing of Sahara plea. In its March 26 order, Sebi summoned Roy and three other top executives for personal appearance on 

Lucknow High Court to hear Sahara-Sebi case

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...  

SEBI begins prosecution proceedings against Sahara group

New Delhi: Market regulator SEBI has begun prosecution proceedings against two Sahara firms and their top officials, while accusing them of failing to provide documents related to three crore investors as per a Supreme Court order. The prosecution proceedings have been launched against Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHCIL), as also their promoter/directors - Ashok Roy Choudhary, Ravi Shankar Dubey, Vandana Bhargava...