After being pulled up for being absent, Sahara chief Subrata Roy to attend all SEBI hearings in Mumbai | mumbai news | Hindustan Times
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After being pulled up for being absent, Sahara chief Subrata Roy to attend all SEBI hearings in Mumbai

Mumbai city news: Roy’s doctor claimed that he was too unwell to move out of the house but prosecution refuted its claims

mumbai Updated: Jun 08, 2017 00:52 IST
Charul Shah
After missing the hearing, Roy had submitted a medical certificate but Securities and Exchange Board of India (SEBI) questioned its authenticity.
After missing the hearing, Roy had submitted a medical certificate but Securities and Exchange Board of India (SEBI) questioned its authenticity.(File photo)

Sahara chief Subrata Roy who had missed a hearing recently owing to poor health, assured the special SEBI court that he would attend all the hearings henceforth.

After missing the hearing, Roy had submitted a medical certificate but Securities and Exchange Board of India (SEBI) questioned its authenticity.

The court hence asked the doctor who signed the certificate to remain present at court to explain and ascertain if the certificate was authentic.

When the case came up for hearing on Wednesday, the doctor arrived at court and explained that Roy was too unwell to travel. The issue escalated when SEBI counsel Poornima Advani claimed that the certificate produced by the doctor was concocted. She added that as per the call data record of the security personnel assigned to Roy, he was travelling when the doctor claimed to have examined him at his residence.

Defence lawyers Abad Ponda and Ashok Sarogi refuted Advani’s claims and said that Roy could not have been travelling at that time because he was so ill that he could not step out of house.

But the court asked Roy’s lawyers to ensure his presence at all the hearings to which they agreed.

The SEBI also submitted a draft of the charges against Sahara India Real Estate Corporation and its directors including Roy. It alleged that the company opened ‘Optionally Fully Convertible Debentures (OFCD) of the company to the public as private placement without stating correct facts in the prospectus’.

The board claimed that due to misrepresentation, investors were lured to invest in the company. It also alleged that the company failed to comply with the rules and regulations and to provide information when the board sought it.

Meanwhile, Roy and other directors also moved a discharge plea before the court. Roy was not allowed to move the plea in the previous hearing as he was not present during it. However, on Tuesday, the lawyers approached the Bombay high in the evening and sought intervention. The court allowed their plea and asked them to approach the SEBI court again.

The court is likely to hear their case next week.