Sahara-Sebi case: Securities Appellate Tribunal adjourns hearing to April 13

The Securities Appellate Tribunal today adjourned its hearing on Sahara group chief Subrata Roy's plea against Sebi's attachment order of his bank accounts and other assets, along with those of two group firms and their top executives, till April 13.

Mr. Roy had approached the SAT against the attachment orders issued by Sebi last month. The tribunal, in its last hearing in Mumbai on March 23, had decided to hold its final hearing in the matter today.

The case relates to a Supreme Court direction ordering refund of more than Rs 24,000 crore of investors' money raised by two Sahara group firms -- Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd -- through issue of bonds, wherein Sebi has been asked to facilitate the refund.

After expiry of the court-set deadline for the refund, Sebi in February issued attachment orders against the two firms and their top executives, including Mr. Roy.

Mr. Roy's appeal against Sebi order was listed by SAT for 'Final Hearing' today, while Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd were also listed as part of the proceedings "For Orders" in the case.

Sahara has questioned Sebi's action for attaching Mr. Roy's property, saying that neither was he issued a show-cause notice nor did Sebi follow the procedure of securing an enabling order from a judicial magistrate.

Countering Sahara's claims, Sebi has sought dismissal of the plea, saying that the Supreme Court order in the case was self-explanatory and executive in nature and the Saharas had been given many occasions to present their case.

In the meantime, Sebi has also approached the Supreme Court seeking orders for detention of Mr. Roy and this plea has been posted for hearing in the first week of April.