The pleas of Subrata Roy Sahara and three others against the market regulator SEBI will be heard by Securities Appellate Tribunal (SAT).
Securities Appellate Tribunal will hear the pleas submitted by Sahara Chief Subrata Roy. Along with Roy, three other top executives also have pleaded against SEBI in front of SAT.
After considering the pleas submitted by Sahara Chief Subrata Roy and three other top executives, SAT said that it will hear the pleas of Sahara.
Subrata Roy Sahara has approached SAT against the Securities and Exchange Board of India which has attached the properties and froze the bank accounts of Roy and three other directors of Sahara.
The attachment took place in February this year. After the attachment of Sahara properties, the market regulator has sought permission from the Supreme Court for arresting the Sahara Chief.
The attachment has affected the projects of Sahara. Approximately over 50 projects of the Sahara Homes are affected.
SAT received four petitions against SEBI. Roy stated that the market regulator is acting against the group with vengeance. The group has already paid the investors back. Yet, the regulator is not consented.
A Sahara statement revealed that the group has already paid the investors back. No more investors are to be paid. After paying off the investors, Sahara has handed over Rs.5000 Cr with the market regulator.
Sahara-SEBI case involves SHICL and SIRECL. Both Sahara Housing Investment Corp Ltd and Sahara India Real Estate Corp Ltd were ordered by the SC to refund over Rs.24000 Cr to the investors.
While Sahara is claiming that they have already paid the investors back as per the SC August 31 order, SEBI say that the group has not paid the amount. On the other end it says that the group has defaulted the installments. Last December, SC had asked the Sahara firms to repay the amount in installments.
The case is now under the consideration of SAT which will hear the petition on April 20.
