Sahara case: SEBI moves to SC for Subrata Roy’s detention

New Delhi, 16th March: SEBI moved to Supreme Court seeking detention of Sahara group promoter Subrata Roy Sahara and stopping him from leaving the country after two companies of the group failed to comply with court’s order to refund Rs 24,000 crore to its investors.

The market regulator mentioned the matter before a bench headed by Justice K S Radhakrishnan which agreed to hear its plea and posted the case for hearing in the first week of April.

SEBI urged the court to allow it to “take measures for arrest and detention in civil prison of promoter of Sahara Subrata Roy Sahara and the two male directors Ashok Roy Choudhary and Ravi Shankar Dubey, after giving reasonable opportunity of hearing.”

Sahara group and SEBI are locked in legal dispute over the refunding of 24,000 crore by its two companies–Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)–to its investors.

Earlier, the last hope of Sahara group to get more time to refund Rs 24,000 crore to its investors was today dashed in the Supreme Court which dismissed its plea and pulled it up for not complying with the court’s earlier order to return the money by first week of February.

SIREC and SHIC along Roy are facing contempt proceedings in the apex court before another bench which had on February 6 allowed SEBI to freeze accounts and seize properties of its two companies for defying court orders by not refunding the money to investors.

Be the first to comment

Leave a Reply

Your email address will not be published.


*