Subrata Roy appeals to SAT over attachment of personal assets

Subrata Roy, head of the Sahara group, appealed against the attachment of his personal properties in the Securities Appellate Tribunal (SAT) on Thursday.  

Tribunal member Jog Singh moved the hearing to Monday citing the absence of a presiding officer.

PK Malhotra, SAT's acting presiding officer, is based out of Delhi following his appointment as Secretary, Legislative Department, Ministry of Law & Justice on 3rd December.

The hearing will take place in Delhi on Monday 11th March.

The tribunal hears appeals against capital markets regulator the Securities Exchange Board of India(Sebi).

Sebi had ordered the attachment of Roy's properties in addition to that of three other individuals Vandana Bhargava, Ravi Shankar Dubey, and Ashok Roy Choudhary in an order dated February 13.

Two Sahara group companies, Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd(SHICL), garnered investments of Rs 24,000 crore from investors through issue of debentures.

Sebi as well as the Supreme Court noted irregularities in the fund raising. The apex court asked the company to deposit the money with Sebi for a full refund to investors.

The Sahara group subsequently gave the regulator Rs 5,120 core and stated that remaining Rs.19400 crore had been returned to investors.

Sebi in an order dated February 13th, said that Sahara had not provided convincing documentation proving that such a refund had actually taken place. The regulator ordered attachment of the properties belonging to the companies as well as the four individuals mentioned above.