SEBI request SC to hear on all Sahara Cases

SEBI recently has requested Supreme Court to hear all the cases against Sahara. The market regulator demanded that all cases must be transferred to the apex court for its hearing.

Securities and Exchange Board of India continues to be aggressive against Sahara firms. Recently SEBI has requested the Supreme Court to hear all cases against the Sahara firms.

Filing its new petition against both Sahara firms and Subrata Roy, SEBI has signaled that it is in no mood to calm down. It on the other side is turning harsher against the firms, which (in the words of SEBI) ‘have not followed even a single line in the SC order.’

The SC order dates back to August 31, 2012. On this day the Supreme Court had fined both the Sahara firms to repay the investors over Rs.24000 Cr.

The same order had invested power on SEBI to attach the properties of the firm, in case if they fail to comply with the order.

Following the order, SEBI attached the properties of Sahara in last February. The attached properties included some properties of its chief as well.

The attachment order affected the under-construction projects of these firms. Aamby Valley project is one of the main halted projects.

On the other side, Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd questioned the attachment order of SEBI. The firms argued that they were not given any show case notice, prior to the attachment.

SEBI replied that the SC order itself was self-explanatory. No further explanations were required for proceeding with the attachment order.

Against the attachment, the firms and Roy appealed to the Securities Appellate Tribunal. Though SAT was to hear the petition in the first week of April, it postponed its hearing.

Some of the cases against the firms were heard by Lucknow High Court. So fi the SC decides to hear the plea of market regulator, all these cases will be transferred to the Apex Court.

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