SAT to hear Subrata Roy’s appeal on March 11

The Securities Appellate Tribunal (SAT), on Thursday, posted for March 11 hearing of a plea by Subrata Roy Sahara, whose group is entangled in a long-running case with market regulator SEBI in connection with refund of money raised from the public through issuance of bonds. SAT had listed the appeal for ‘admission’ on Thursday, but decided to post the matter for March 11 before the Tribunal’s Presiding Officer. Sahara group chief Mr. Subrata Roy has approached the tribunal against a SEBI direction ordering attachment of his personal assets, along with some other top officials of Sahara India Real Estate Corp Limited and Sahara Housing Investment Corp Limited which have been asked by the Supreme Court to refund to investors an amount totalling over Rs.24,0000000000. After the expiry of a deadline set by the court, SEBI last month said the companies have not complied with the orders and issued attachment orders against the bank accounts and other assets of the two firms and their top officials, including Mr. Roy. SEBI has also issued public notices cautioning the general public and investors against dealing with the two Sahara group firms and their top executives due to an order for attachment of their assets. The apex court had passed its first order in this case on August 31, 2012, and SEBI was asked to facilitate the refund. — PTI