SEBI approach the Supreme Court seeking Sahara to pay Rs 62,600 Crore because of its investors to stay out of prison

SEBI approach the Supreme Court seeking Sahara to pay Rs 62,600 Crore because of its investors to stay out of prison

SEBI looks for directions from the court, to instruct Sahara to deposit total RS. 62,602.90 Crores obtained immediately. The Indian Stock Exchange (SEBI) Moves the Supreme Court to the Head of Sahara India, Subrata Roy, and two Sahara companies who are looking for RS immediate payments.

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62,602 Crore-money owed by the alleged market regulator by the Sahara according to the 2012 and 2015 High Court. The request asked the court to bring Roy and other directors to become the custody of the payment.

The main responsibility, according to the application of Sebi, is Rs. 25,781.32 Crore, where can only recover Rs 15,455.70 Crore from Sahara’s property sales.

The application states that the Sahara is still required to pay the number of RS balances. 10,325.62 Crore. It was said that on September 30, 2020, the total net obligation of the Sahara was Rs. 62602.9 Crore, taking into account the interest of 15% as of August 31, 2012, as directed by the Supreme Court.

The petition stated that by failing to comply with the 2012 Order of the Apex Sahara court to restore the number raised through red-herring. The prospectus in the state is nationalized in the span of three months, the Indian Sahara Company has carried out an insult to the court.

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In a request, SEBI also demands hearing the application seeking the appointment of the recipient to take over all Indian Sahara Group Assets, both inside and outside India, to sell the same property and to restore the amount to be returned.

In March 2014, the Supreme Court sent Roy and two other directors to be imprisoned for failing to comply with payments from the court. , In May 2016, they were released for parole after Roy’s mother died. Since then, his handful release has been extended several times.

In his request, Sebi accused that remembering the explicit direction of the APEX court, Sahara deliberately obeyed the instructions and committed to the court, causing uncomfortable market regulators.

SEBI sets specific enforcement cells

The tree also highlights how the SEBI sets specific enforcement cells (seconds) to handle work related to the document verification process and to make payments to qualified investors who have several applications for payment under different payment phases, and questions about refunds.

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Obi was only Able to sell property in 5 of the 70 locations due to the deed of land that was considered too high and incomplete delivered by Sahara to Sebi, even after conducting a multiple auctions round.

The Sekuritas Appeal Court (SAT) was transferred by the Sahara, claiming that Sebi did not accept the documents they followed. But the same is dismissed as premature and cannot be maintained by SAT.

This order was challenged before the Supreme Court, which rejected all the theories of payment suggested by the Sahara in December 2012 and ordered payment of all quantities along with interest.

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In 2015, the court refused to leave when the Sahara approached the Supreme Court with Plea. To free them from depositing money suspected of being redeemed by them. However, give Roy and Sahara a new timeline to deposit the number and ensure compliance.

In the request, Sebi argues that even though the long rope is provided to the Sahara, their obligations only increase if the Board of Directors is released from detainees given by the Supreme Court in 2016.