SC grants Sebi early hearing in Sahara case

Accusing the Sahara Group of open,continued and consistent defiance of the court orders over refund of money it had illegally raised from investors through optionally fully convertible debentures,Sebi had on March 15 moved the SC to let them effect arrest of its promoter Subrata Roy and two directors,besides restraining them from leaving the country.

Citing the latest status report by Justice retd BN Agrawal,the market regulator had said that for expeditious refund of money,it would be just and expedient to take the measures for arrest and detention in civil prison of promoter of Sahara,Subrata Roy and two male directors,Ashok Roy Choudhary and Ravi Shankar Dubey,after giving opportunity of hearing to them.

Justice Agrawal,who was appointed by the apex court to oversee Sebis actions,further advocated for steps against Roy and three directors,including Vandana Bhargava,for depositing their passports with the apex court and restraining them from leaving the country without a prior permission.

On February 6,the court had issued a notice to the Sahara Group,seeking its response as to why contempt action should not be initiated against its two companies.

It had also said that Sebi was free to freeze accounts and seize properties of the two Sahara companies Sahara India Real Estate Corporation SIREC and Sahara Housing Investment Corporation SHIC for defying the courts August 31,2012 orders to refund Rs 24,000 crore to investors.