Sahara moves SC against SEBI’s claim

Lucknow, Dec 2 : The Sahara India Pariwar has filed a plea in the Supreme Court against Securities and Exchange Board of India (SEBI), submitting that the market regulator has committed contempt of court.

As per the petition, SEBI’s application seeking deposit of Rs. 62,602 crores by Sahara’s is absolutely wrong and SEBI has done contempt of court. Sahara in its petition has accused that, to mislead the apex Court and to cause public outrage against Sahara, SEBI has filed a baseless and unfounded application.

Sahara said here in a statement on Wednesday that the apex court in its order dated February 6,2017, had directed that it is concerned with the principal amount and the issue of interest shall be adverted to later but SEBI in utter disregard of the directions has been including interest amount.

Sahara said that, it seems that SEBI has developed certain vested interests to evade the verification exercise on flimsy pretexts.

As on date, an amount of Rs. 22,500 crores is lying in the SEBI-Sahara Refund Account against the principal amount of Rs.24029.73 crores; meaning Sahara is supposed to deposit only Rs. 1529 crores towards principal amount.

UNI

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