SEBI free to seize properties of Sahara Group companies: SC
PrintListen to this Article
In fresh trouble toSahara group, the Supreme Court on Wednesday said that SEBI is free to freeze accounts and seize properties of its two companies for defying court orders by not refunding Rs 24,000 crore to investors.
The apex court also pulled up SEBI for not taking action against the companies--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)--as per its August 31, 2012 order which had asked it to attach properties and freeze bank accounts of the companies.
It issued notice to the group to respond within four weeks why contempt action should not be initiated against the companies for not complying with its order.
"What steps are you taking? You are not taking any action. The judgement tells you what to do but you are doing it," a bench of justices K S Radhakrishnan and J S Khehar said.
The market regulator submitted that it is taking action and issued notice to the companies and approached civil court in Bombay for freezing bank accounts.
Not satisfied by its contention, the bench said that issuing notice is not enough and that SEBI has to follow its last year's order.
"Why you gave notice and did not take action. You have to execute our order," the bench said.
The bench also made it clear that the proceedings pending before it on contempt plea against the companies would not come in the way of SEBI taking action against the group.
The apex court had on August 31 last year directed the two companies to refund around Rs 24,000 crore to their investors within three months with 15 percent interest per annum for raising the amount from its investors in violation of rules and regulations.
In stinging observations against the companies, the court had said that such economic offences must be dealt with "iron hand".
PTI
Category : SEBI | Comments : 0 | Hits : 352
A financial influencer, also known as finfluencer, who was also involved in imparting training related to stock market trading has been asked to part with a little over ?12 crore, which it made unlawfully. The funds are to be credited or deposited by Ravindra Balu Bharti into an interest-bearing escrow account that has been set up in a nationalised bank especially for that purpose. The regulator stated in an order that the escrow account(s) would establish a lien in favour of SEBI and that th...
The Securities and Exchange Board of India (Sebi), the country's market regulator, has announced the launch of an optional same-day (T+0) settlement cycle for a select group of 25 stocks starting March 28, as per a circular published on its website last Thursday. This new initiative, referred to as the beta version, is set to coexist with the traditional next-day (T+1) settlement cycle, where trades are settled within 24 hours of execution. The T+0 settlement option will be available for ...
Capital markets regulator Sebi on Thursday slapped a fine of Rs 48 lakh on eight entities, including promoters of United Polyfab Gujarat Ltd (UPGL), for manipulating the share prices of the company. These entities have to pay the penalty jointly and severally within 45 days, as per an order. The order came after Sebi conducted an investigation of UPGL and trading by certain entities in the scrip of the company, to ascertain whether there was any violation of the provisions of the PFUTP (Pr...
Sebi alerts investors about the growing trend of unregistered entities falsely claiming Sebi registration and offering unrealistic returns. Investors are advised to verify the registration status and consider the inherent risks associated with high-return investments. The Securities and Exchange Board of India (Sebi) has issued a warning to investors, cautioning them against investing money with unregistered entities that promise assured or exceptionally high returns on investments. This advi...
Capital markets regulator Sebi on Thursday issued orders of action against 15 guest experts of the Zee Business channel for unlawful trading. The entities made unlawful gains to the tune of Rs. 7.41 crore from such trades and the profit was shared with guest experts as per prior understanding, Sebi noted. The market regulator also asked the guest experts to pay Rs.7.41 crore. The guest experts appeared on the Zee Business channel from 1 February 2022 and 31 December 2022. "The facts of t...
Comments