After the “preliminary hearing” today, the Securities and Appellate Tribunal posted the matter to 20th April as the counsel for Sahara Group sought adjournment due to medical reasons
The Securities Appellate Tribunal (SAT) today adjourned to 20th April its hearing on Subrata Roy's plea against market regulator Securities and Exchange Board of India’s (SEBI) attachment order of his bank accounts and other assets, along with those of two group firms and their top executives.
After taking up the petition for its “preliminary hearing”, the SAT posted the matter to 20th April as the counsel for Sahara Group sought adjournment due to medical reasons.
The matter relates to the case involving a refund of over Rs24,000 crore raised through “various illegalities” by two Sahara companies.
Four petitions have been filed against SEBI, namely by Sahara chief Subrata Roy himself, Sahara Housing Investment Corp (SHICL), Sahara India Real Estate Corp (SIRECL), and Ashok Roy Chaudhary and others.
The petitions have challenged SEBI's 13th February order attaching bank accounts, investments and other assets of the two companies and their four top executives, including Roy, to eventually sell them for recovering required funds for the investor refund as per a Supreme Court order.
Roy had first approached SAT against SEBI's attachment orders in February, followed by pleas filed by other entities.
The Tribunal last heard the matter on 26th March, when it decided to proceed further on all the petitions together.
Incidentally, SEBI passed another order in this case on 26th March, hours after SAT's last hearing of Sahara plea.
In its 26th March order, SEBI summoned Roy and three other top executives for personal appearance on 10th April after submitting details of their personal and company assets to ascertain terms for the sale of those assets.
Roy and others appeared before SEBI's whole-time member Prashant Saran at the market regulator's headquarters on 10th April, wherein they were asked about their asset details.
As per a Supreme Court order, SEBI has been asked to facilitate the refund of more than Rs24,000 crore to over three crore bondholders after verifying their genuineness.
After expiry of the court-set deadline for the refund, SEBI had issued attachment orders.
Sahara has questioned SEBI's action for attaching Roy's property, saying that neither he was issued a show-cause notice nor did SEBI follow procedure of securing an enabling order from a judicial magistrate.
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