RBI moves apex court against HC stay | business | Hindustan Times
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RBI moves apex court against HC stay

The Reserve Bank approached the SC, challenging the Allahabad High Court stay on its order banning Sahara group's para-banking company from taking fresh deposits.

business Updated: Jun 06, 2008 18:10 IST

The Reserve Bank on Friday approached the Supreme Court, challenging the Allahabad High Court stay on its order banning Sahara group's para-banking company from taking fresh deposits.

The appeal was mentioned before a vacation Bench headed by Justice Arijit Pasayat, which fixed June nine as the date for hearing the matter.

The Bench allowed senior advocate PR Andhyrujina, who mentioned the matter, to file a special leave petition against the High Court order later in the day.

The Bench also permitted Sahara India Financial Corporation's counsel Mukul Rohtagi to file a caveat. The Lucknow bench of the Allahabad High Court had yesterday stayed the RBI ban, following a plea by SIFCL's Executive Director OP Srivastava.

The RBI had on Wednesday "prohibited (SIFCL) with immediate effect from accepting any deposits in whatsoever manner including installments under any running daily deposit or other deposits," citing violation of norms.