The Securities Appellate Tribunal ( SAT) on Saturday adjourned the hearing of billionaire Subrata Roy Sahara's appeal against capital market regulatorSecurities and Exchange Board of India (Sebi) regarding freezing his personal accounts to 26 March. The tribunal will hear the case at Sashtri Bhavan in New Delhi. 

On Saturday, senior counsel S Ganesh representing Lucknow based businessman argued that Mr Sahara is not director in any of two subsidiaries namely, Sahara India Group entities, namely Sahara India Real Estate Corporation (SIRCL) and Sahara Housing Investment Corporation (SHICL), hence he can not be made personally liable into the case. 

Countering this, senior counsel Arvind Datar who is representing Sebi argued, Subrata Roy has in all the legal documents been named as the chief executive officer of Sahara India, which has stake in the two firms which are under scanner of the apex court. 

capital market Regulator's contention is that the Sahara group had missed the September 10 deadline set by the Supreme Court to provide documents relating to 30 million investors who it said had subscribed to the debentures. The two Sahara firms have been directed by the court to refund Rs 17,000 crore along with interest to investors. 

Last year, The Supreme Court had directed the Sahara Group companies to provide all documents with the firms - particularly, the application forms submitted by subscribers, approval and allotment of bonds and others - to Sebi within ten days from the date of pronouncing the order. This was to ascertain - according to the court - the genuineness of the investors as well as the amounts deposited with the companies. (Economic Times)