SAT to hear Subrata Roy's appeal against Sebi on Mar 11
Securities Appellate Tribunal (SAT) today posted for March 11 its hearing of a plea by Subrata Roy Sahara, whose group is entangled in a long-running case with market regulator Sebi in connection with refund of money
raised from public through issuance of bonds.
The SAT had listed the appeal for 'admission' today, but decided to post the matter for March 11 before the Tribunal's Presiding Officer.
Sahara group chief Subrata Roy has approached the tribunal against a Sebi direction ordering attachment of his personal assets, along with some other top officials of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd, which have been asked by the Supreme Court to refund to investors an amount totalling over Rs 24,000 crore.
After the expiry of a deadline set by the court, Sebi last month said the companies have not complied with the orders and issued attachment orders against the bank accounts and other assets of the two firms and their top officials, including Roy.
Sebi has also issued public notices cautioning the general public and investors against dealing with the two Sahara group firms and their top executives due to an order for attachment of their assets.
The apex court had passed its first order in this case on August 31, 2012 and Sebi was asked to facilitate the refund.
In December 2012, the group was allowed to pay the money in three instalments, including an immediate payment of Rs 5,120 crore, followed by an instalment of Rs 10,000
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