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SEBI seeks arrest of Sahara chief Subrata Roy
Saturday March 16, 2013 12:10:51 AM,
IANS
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Related Article |
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SC declines to hear plea by Sahara Group companies
In a
setback to Sahara Groups's two real estate companies, the Supreme
Court Monday declined to entertain their plea to be allowed more
time to deposit investors' money with market regulator Securities
Exchange Board of India (SEBI) and file documents.
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New Delhi:
Market regulator Securities and Exchange Board of India (SEBI)
Friday moved the Supreme Court seeking the arrest and imprisonment
of Sahara group chief Subrata Roy and two other directors of the
group for not complying with a Supreme Court order to refund
Rs.24,000 crore to its investors.
The court said that it would hear the matter after its Holi break
starting March 25.
Mentioning the matter before a bench headed by Justice K.S.
Radhakrishnan, SEBI also sought the court's direction to restrain
Roy and other directors from leaving the country and surrender
their passports to the secretary general of the apex court.
The market regulator's plea sought the nod to "take measures for
arrest and detention in civil prison of promoter of Sahara Subrata
Roy Sahara and the two male directors - Ashok Roy Choudhary and
Ravi Shankar Dubey - after giving reasonable opportunity of
hearing".
SEBI, which has been asked to recover Rs. 24,000 crores from
Sahara group's two real estate companies to pay three crore
investors, also sought the court's nod to appoint an officer on
special duty (OSD) to oversee the sale of Sahara properties
attached so far.
The Sahara groups' two real estate companies - Sahara India Real
Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment
Corporation Ltd. (SHICL) -- were directed by the court Aug 31,
2012 to return the investors' money with 15 percent interest.
The SEBI had begun attaching two real estate companies' properties
after their failure to pay the sum by the February 2013 deadline.
The apex court by its Dec 5, 2012, order had directed the Sahara
real estate companies to deposit all the money that it had mopped
up from investor through optionally fully-convertible debentures (OFCD)
by the first week of February.
The SEBI also sought direction other directions including
permission to issue public notice to the investors.
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