SC to hear Sebi’s plea against Sahara in Dec
A Bench, headed by Justice KS Radhakrishnan, directed to list the contempt petition for hearing in December first week after Sebi counsel P Venugopal mentioned the matter for early hearing. In its contempt plea against the Sahara companies, Subrata Roy Sahara and directors — Ashok Roy Choudhary, Ravi Shankar Dubey, Vandana Bhargava — Sebi alleged that the companies were guilty of willful and deliberate violation and non-compliance of the apex court’s judgment of August 31 that also asked them to furnish documents within 10 days to Sebi to ascertain the identity of investors who have invested in the OFCDs.
Meanwhile, the Sahara Group has moved the Securities Appellate Tribunal, seeking more time to submit the documents related to about 3 crore investors in the case involving its two group companies — Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation) and Sahara Housing Investment Corporation.
The companies have moved the tribunal, asking it to direct Sebi to allow them time till January 31 to submit the documents related to the case. The 10-day deadline set by the Supreme Court, in its order dated August 31, for the two entities to submit details
Be the first to comment.
