Sahara urges SC to help put stand-off with Sebi to an end

Maintaining that amicable resolution of the dispute was more important than pressing for detention of its promoter Subrata Roy and other directors,the Sahara Group has questioned the conduct of the Sebi and urged the Supreme Court to pass some necessary orders to put an end to the stand-off between them and the market regulator.

Sahara and Sebi are locked in an imbroglio over refund of Rs 24,000 crore to investors,raised through “illegally” floated debentures,as per the court’s order around a year ago. On Monday,Sahara accused Sebi of acting in haste over issue of refund and also not accepting all the documents submitted by Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd. Before a bench of justices KS Radhakrishnan and JS Khehar,Sahara’s counsel Ram Jethmalani and Rajeev Dhavan submitted that Sebi had acted in disregard of the court’s order in selectively accepting the documents.