SAT to continue hearing on Subrata Roy’s plea on Mar 26

Mar 23, 2013 |

mumbai

The Securities Appellate Tribunal will continue its hearing on March 26 on Sahara group chief Subrata Roy’s plea against Sebi’s attachment order of his bank accounts and other assets, along with those of his two firms and their top executives.

The matter relates to a Supreme Court direction ordering refund of more than Rs 24,000 crore of investors’ money raised by two Sahara group firms — Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd — through issue of bonds, wherein Sebi has been asked to facilitate the refund.

After expiry of the court-set deadline for the refund, Sebi last month issued attachment orders against the two firms and their top executives, including Subrata Roy.

Roy had approached the SAT against the attachment orders and the plea was posted by the SAT for “final hearing” today. After a day-long hearing here, the SAT decided to adjourn the matter till Tuesday in New Delhi.

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