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Sahara-Sebi case: SAT adjourns hearing to Apr 13

Sahara-Sebi case: SAT adjourns hearing to Apr 13
Highlights

New Delhi (PTI): The Securities Appellate Tribunal adjourned its hearing till April 13 on Sahara group chief Subrata Roy's plea against Sebi's...

New Delhi (PTI): The Securities Appellate Tribunal adjourned its hearing till April 13 on Sahara group chief Subrata Roy's plea against Sebi's attachment order of his bank accounts and other assets, along with those of two group firms and their top executives. Roy has approached the SAT against the attachment orders issued by Sebi last month. The Tribunal, in its last hearing in Mumbai on March 23, had decided to hold its final hearing in the matter here in the National Capital on March 26. However, SAT on Tuesday decided to take up the matter again on April 13, along with all the related petitions in the case. The case relates to a Supreme Court direction ordering refund of more than `24,000 crore of investors' money raised by two Sahara group firms -- Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd -- through issue of bonds, wherein Sebi has been asked to facilitate the refund. After expiry of the court-set deadline for the refund, Sebi in February issued attachment orders against the two firms and their top executives, including Subrata Roy. Roy's appeal against Sebi order was listed by SAT for 'Final Hearing' on Tuesday, while Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd were also listed as part of the proceedings "For Orders" in the case.
Appear in person, Sebi to Roy
Mumbai (PTI): Tightening the noose around Sahara group, market regulator Sebi on Tuesday asked Sahara group chief Subrata Roy and three other top executives to submit details of their assets, bank accounts and tax returns by April 8 followed by personal hearings on April 10. Details have been sought to proceed with the regulator's attachment orders involving sale of assets of two Sahara firms and their top executives to recover funds for the purpose of facilitating refund to bond holders. In its order, Sebi said it would go ahead with finalising the terms of the proclamation of sale ex parte, if Subrata Roy, Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava fail to appear before the regulator.
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