SAT to hear Sahara plea against Sebi today

The Tribunal last heard the matter on March 26,when it decided to proceed further on all the petitions together.

Written by Press Trust Of India | Mumbai | Published:April 13, 2013 2:21 am

The Securities Appellate Tribunal will on Saturday hear Sahara group chief Subrata Roy’s plea against the Securities and Exchange Board of India (Sebi) attachment order of his bank accounts and other assets,along with those of two group firms and their top executives.

The Tribunal will hold tomorrow its “preliminary hearing” of four petitions in this matter related to the high-profile case involving a refund of over Rs 24,000 crore raised through “various illegalities” by two Sahara companies.

These four petitions have been filed by Sahara chief Subrata Roy himself,Sahara Housing Investment Corp Ltd,Sahara India Real Estate Corp Ltd,and Ashok Roy Chaudhary and others.

The petitions have challenged Sebi’s February 13 order attaching bank accounts,investments and other assets of the two companies and their four top executives,including Roy,to eventually sell them for recovering the required funds for the investor refund as per a Supreme Court order.

Roy had first approached SAT against the market regulator’s attachment orders in February,followed by pleas filed by other entities.

The Tribunal last heard the matter on March 26,when it decided to proceed further on all the petitions together.

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