SC seeks response from Sahara on SEBI’s plea

New Delhi, April 22 (IANS) The Supreme Court Monday directed Sahara chief Subrata Roy and two directors of the group’s two real estate companies to file reply to market regulator SEBI’s plea to place them under civil detention.

The Securities and Exchange Board of India (SEBI) has charged them with failure to carry out the apex court’s direction to refund Rs.24,000 crore to investors, that it has mopped up under optionally fully convertible debenture, and sought that they be placed under civil detention.

The apex court bench headed by Justice K.S. Radhakrishnan also sought response on SEBI’s plea seeking direction that they be directed to deposit their passports to the secretary general of the Supreme Court.

Directing the listing of the matter for May 2, the top court asked Subrata Roy and the two directors to file their reply to SEBI’s plea by April 29.

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