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SC stays proceedings on Sahara's Sebi plea

HT Correspondent, Hindustan Times  New Delhi, May 02, 2013
First Published: 19:24 IST(2/5/2013) | Last Updated: 00:19 IST(3/5/2013)

The Supreme Court Thursday suspended all proceedings before the Securities Appellate Tribunal (SAT) and the Allahabad High Court till it gives ruling on the market regulator's plea for contempt proceedings against two Sahara group companies.


The Securities and Exchange Board of India (SEBI) has sought contempt of court proceedings against real estate companies of the Sahara Group and its directors, including Subrata Roy, for their failure to refund Rs.24,000 crore mopped up through debentures.

Even as the Sahara Group alleged the atmosphere was prejudiced as SEBI leaked information to media, the bench of Justice Radhakrishnan and Justice JS Khehar sought the company's response on the regulator's plea to transfer all the cases to the SC.

It would hear the case further on May 8.

SEBI's counsel, senior advocate Arvind Dattar submitted there were "shocking things" in the CD given by the company; but denied media reports of 6,000 investors named Kalawati.

He, however, admitted that there were 1,433 Anirudh Singhs whom the company claimed to have refunded money 34 times.

Sahara's counsel senior advocate Ram Jethmalani, however, challenged SEBI's contempt petition against Subrata Roy. He also questioned certain observations made by the SC in its verdict and said they were incorrect conclusions.

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