Sahara Real Estate Corporation seeks discharge in Sebi case

SAHARA INDIA Real Estate Corporation Limited , named as an accused by market regulator Securities and Exchange Board of India for alleged violations, on Thursday sought discharge before a sessions court. Two of its directors and Sahara Group chief Subrata Roy were granted relief last month by cancellation of a non-bailable warrant after they appeared before the court. The plea filed on behalf of the company through advocate Ashok Saraogi claims that since identical allegations and complaint made by Sebi has already been decided upon by a Lucknow court by levying a penalty, another prosecution cannot take place in Mumbai, as it amounts to ‘double jeopardy.’ Saraogi said that if the company, named as accused number one in the complaint, is discharged from the case, it would also mean relief for its directors and shareholders. The plea will come up for hearing on June 7. The case pertains to Roy and two directors of Sahara group firms for alleged violations of SEBI rules. Roy, Ravi Shankar Dubey and Ashok Roy Choudhary have been booked under section 24 and 27 of the SEBI Act. Sebi, claims that the three raised Rs 24,0000000000 without its mandatory approval required to make investors aware of the risks through the red herring prospectus.