The regulator said it has “reasons” to believe that Sahara India Life Insurance Company “is acting in a manner likely to be prejudicial to the interest of holders of life insurance policies”.
The plea will come up for hearing on June 7.
On March 21, the apex court had warned Sahara, saying it would auction Aamby Valley project if the latter fails to deposit the amount of Rs. 5,000 crore.
The Sahara Group in November had presented a road map for the repayment of an outstanding amount of Rs 11,136 crores to SEBI and proposed to clear its liabilities in two-and-a-half years to ensure ‘ábsolute’ release of Roy.
Sahara diaries: The 50-page order, accessed by The Indian Express, shows that the ITSC had earlier rejected the application of the company and then on September 5, 2016 re-admitted it.
On October 25, the top court had extended Subrata Roy’s parole till November 28 after the company deposited Rs 200 crore with the SEBI for the repayment of investors.
These properties located in Rajasthan, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand. To recover dues orders these properties cannot be sold at less than 90 per cent of circle rates.
The Sahara properties will fetch around Rs 722 crore at reserve price and are are located in Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Chhattisgarh and Uttar Pradesh.
When Subrata Roy’s counsel submitted a list of his assets in a sealed cover, the Supreme Court bench expressed surprise why “such a rich person didn’t pay a fraction of wealth and stayed in jail for two years.”
Subrata Roy has been in Tihar Jail for more than two years in relation with a long running dispute with markets regulator Sebi.
A three-judge bench headed by Chief Justice T S Thakur, however, refused to grant parole to Sahara chief Subrata Roy, who is in jail since March 4, 2014, saying that so far its orders have not been complied with “substantially”.
The book titled ‘Life Mantras’ is the first of a trilogy ‘Thoughts from Tihar’ that Roy has penned while in judicial custody in Tihar Jail in connection with a long-running investor refund case
While hearings will continue on the lawsuit, the Supreme Court of the State of New York has ordered that “the application of plaintiff JTS Trading Ltd for a pre-judgement order of attachment is denied”.
The observations were made when senior advocate Kapil Sibal sought an interim reprieve, complaining it was not fair to put Roy inside the jail.
Sebi directed Sahara Mutual Fund and Sahara Asset Management Company to stop accepting subscription from its existing or new investors with immediate effect.