SC not to hear Sahara-SEBI case tomorrow?
Posted on Mar 10 2014 | IBNS
New Delhi, Mar 10 : Adding more troubles to Sahara Group chief Subrata Roy, the Supreme Court will not be taking up his case with the Securities and Exchange Board of India (SEBI) on Tuesday as was scheduled, media reports said.
"The apex court will not be hearing the matter on Tuesday as Sahara has not yet proposed any concrete plans regarding repayment to investors," CNN-IBN reported quoting sources.
The Supreme Court on Mar 7 rejected Sahara Group's proposal to pay its investors in installments in a time-bound manner.
The Sahara Group on Friday moved the Supreme Court and said it is ready to pay Rs 2500 cr in three working days and the rest of the amount in an-year-and-a-half.
The apex court had asked Securities and Exchange Board of India (SEBI) to give its opinion on the matter.
The SEBI reportedly opposed to the proposal.
The Supreme Court on Mar 4 sent Roy and two other company directors to judicial custody till Mar 11.
The apex court had asked the Sahara group to come up with a proposal to repay the money which it owes to its investors.
The detention of the fourth respondent, Vandana Bhargava was not ordered as she has been given a concession for being a woman director.
Roy was brought to New Delhi from Lucknow via Agra on Monday night.
Earlier, the court had directed Sahara to hand over the title deeds of its properties worth Rs 20,000 crore to the Securities and Exchange Board of India (SEBI).
Accusing Sahara Group of playing 'hide and seek', the Supreme Court on Oct 29 asked the group to hand over the title deeds of its properties worth Rs 20,000 crore to the SEBI.
Hearing contempt petitions filed by the SEBI for not complying with the Aug 31, 2012 directions on refund of deposits, the court had ruled that Sahara chief Subrata Roy cannot leave the country without the permission of the court.