Zeebiz Bureau
New Delhi: The Securities and Exchange Board of India ( SEBI) on Friday moved the Supreme Court, seeking detention of Sahara group chief Subrata Roy and two other Sahara group directors.
The apex court will hear SEBI's plea after March.
The market regulator has also requested that Roy and three directors of Sahara group companies be asked
to deposit their passports with the court.
The matter relates to a Supreme Court order that the two firms—Sahara India Real Estate Corp. Ltd (SIRECL) and Sahara Housing Investment Corp. Ltd (SHICL)—refund investors some Rs.24,000 crore they raised through the sale of securities called optionally fully convertible debentures.
On 13 February, the SEBI had ordered a freeze on all bank accounts of SIRECL and SHICL, their promoters and directors after the Supreme Court criticized the regulator for delays in taking action against the group for not complying with the court’s order.
The apex court had passed its first order in the case on 31 August, 2012, asking SEBI to facilitate the refund of investors’ money.
In December, the Sahara group was allowed to pay the money in three instalments, including an immediate payment of Rs.5,120 crore, followed by an instalment of Rs.10,000 crore in the first week of January and the remainder by the first week of February.
Sahara has paid Rs.5,120 crore to SEBI and claimed that the amount is more than the total outstanding liability towards investors in the two companies.
With Agency Inputs
New Delhi: The Securities and Exchange Board of India ( SEBI) on Friday moved the Supreme Court, seeking detention of Sahara group chief Subrata Roy and two other Sahara group directors.
The apex court will hear SEBI's plea after March.
The market regulator has also requested that Roy and three directors of Sahara group companies be asked
to deposit their passports with the court.
The matter relates to a Supreme Court order that the two firms—Sahara India Real Estate Corp. Ltd (SIRECL) and Sahara Housing Investment Corp. Ltd (SHICL)—refund investors some Rs.24,000 crore they raised through the sale of securities called optionally fully convertible debentures.
On 13 February, the SEBI had ordered a freeze on all bank accounts of SIRECL and SHICL, their promoters and directors after the Supreme Court criticized the regulator for delays in taking action against the group for not complying with the court’s order.
The apex court had passed its first order in the case on 31 August, 2012, asking SEBI to facilitate the refund of investors’ money.
In December, the Sahara group was allowed to pay the money in three instalments, including an immediate payment of Rs.5,120 crore, followed by an instalment of Rs.10,000 crore in the first week of January and the remainder by the first week of February.
Sahara has paid Rs.5,120 crore to SEBI and claimed that the amount is more than the total outstanding liability towards investors in the two companies.
With Agency Inputs
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