Sahara-SEBI Case: Next Hearing on April 20
Securities Appellate Tribunal to Conduct Preliminary Hearing
Will Subrata Roy Sahara Have a Chance to Smile After the Upcoming Hearing?
Mumbai, India - The ongoing Sahara-SEBI case is set to take another turn as the Securities Appellate Tribunal (SAT) prepares to hear the pleas filed by Sahara firms against the market regulator.
Key Petitions to be Heard:
- Four petitions filed by Subrata Roy, Chairman and Managing Worker of Sahara
- Two other Sahara firms: Sahara Housing Investment Corp Ltd and Sahara India Real Estate Corp Ltd
- Top executives of Sahara Group
The Plea: Sahara has pleaded with SAT against SEBI's decision to attach the assets of Sahara Group and its top executives. The attachment, which includes bank accounts and immovable properties, was made pursuant to a 'freezing order' issued by SEBI on February 13.
Background:
- SEBI's 'freezing order' affected not only Subrata Roy's assets but also those of other directors, including Ashok Roy Chaudhary.
- The attachment impacted Sahara's ongoing projects.
- Sahara filed a petition challenging SEBI's freezing order, leading to the upcoming hearing.
Context: SEBI had planned to sell the attached assets to repay OFCD investors, as per the Supreme Court's August 31 directive, which mandated Sahara to repay over Rs.24,000 Cr.
Recent Developments:
- On April 10, Subrata Roy and other directors appeared before SEBI, answering questions about their income.
- Sahara questioned the legitimacy of SEBI's attachment, citing the lack of a prior show-cause notice.
The Hearing:
Securities Appellate Tribunal will hold a preliminary hearing on April 20 to address Sahara's plea against SEBI's asset attachment.
