Market regulator SEBI has appealed to the Supreme Court demanding the arrest of Subrata Roy Sahara.
Securities & Exchange Board of India is all set to arrest Subrata Roy Sahara. And SEBI has sought the permission of the Supreme Court for arresting the chief of Sahara.
Subrata Roy Sahara has lost all comfort and cozy feeling just because of the market regulator. He is taunted and hunted by the market regulator, who often torments him in all the possible ways.
Both Sahara and SEBI have been fighting against each other for a quite long while. Probably since 2008, the year in which the real estate wings of Sahara sold their convertible bonds to around 30 million small scale investors.
SEBI has appealed to the SC for the arrest of Ravi Shankar Dubey and Ashok Roy Choudhary, other two directors. If the market regulator is given the permission, they also will be arrested.
The market regulator SEBI has informed the Court that the firms have failed to comply with its August 31 order. As per the order two subsidiary firms of Sahara were to pay around Rs.24000 Cr to the investors.
The firms were asked to hand the amount over to SEBI which was empowered to seize the properties of the firms in case of any failure. As the firms failed to pay the amount, the regulator had seized the properties and frozen the bank accounts of the directors of these firms.
Earlier Supreme Court had given more time to these firms for paying the entire amount. Moreover they were asked to pay the entire amount in installments.
While SEBI states that the amount is not paid back, the Sahara firms state that they have already paid the entire amount to the investors.
Hearing the petition of the SEBI, SC bench headed by Justice K.S. Radhakrishnan, said that the Bench will consider the matter soon. However the SC bench said to wait till the Holi festival.
