Securities and Exchange Board of India

SEBI moves Supreme Court against Sahara’s two firms

Astha Joshi

The Securities and Exchange Board of India (SEBI) has moved the Apex Court against Sahara Housing Investment Corporation and Subrata Roy’s Sahara India Real Estate Corporation for collecting Rs 62,602 crore from the public.

SEBI, the market regulator, is asking the Supreme Court to direct the firms to deposit the amount collected from the public in the SEBI-Sahara refund account.

The plea said that if the parties fail to deposit Rs 62,602, then the parties should be taken into custody on the grounds of contempt.

The petition stated that the “contemnors are in gross violation of various orders passed by the apex court regarding entire monies collected with interest.”

The contemnors have neglected the orders of the court and have failed to comply with the same.

Subrata Roy, the chairman of Sahara, is currently released on bail. However, SEBI wants the promoter of the companies to be taken into custody.