Minister of state for personnel Narayanasamy told the Lok Sabha that the UPSC notification would be kept in abeyance and the government will call a meeting with the Commission
The market regulator is seeking clarificatory directions for implementing orders of the apex court. In a five point plea, SEBI has also asked for civil detention of Subrata Roy and three other Sahara directors and also wants them to deposit their passports with its whole-time member
Market regulator Securities and Exchange Board of India (SEBI) has moved five pleas before the Supreme Court for directions.
We learn that SEBI's move was triggered by the fact that Sahara has approached the Securities Appellate Tribunal (SAT). Sahara India, a partnership firm of Sahara group, has also filed another case in the Allahabad High Court for de-freezing its accounts. Both these things made it difficult for the regulator to go ahead with implementing the SC order of 31 August 2012 without some clarifying directions from the apex court.
SEBI has made five points in its application…
Last month, close on the heels of ordering attachment of bank accounts, investments and all other assets of Sahara India Real Estate Corp, Sahara Housing Investment Corp and directors and their promoters, including group chief Subrata Roy, the market regulator had cautioned investors and general public against transacting with these companies and persons.
SEBI had said that in furtherance to a Supreme Court order directing refund of investors’ money collected by these Sahara firms, it has ordered “attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and that of its promoters and directors namely Subrata Roy Sahara, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey”.
On 13th February, SEBI passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts.
It was after the Supreme Court said that the regulator was free to freeze the accounts and attach properties if Sahara firms were not complying with the apex court’s earlier orders of August 2012 towards refund of investors’ money totalling over Rs24,000 crore.
The assets ordered to be attached included those related to the group’s Aamby Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.
Passing the attachment orders, SEBI said that the two companies had raised Rs6,380 crore and Rs19,400 crore, respectively from bondholders and ‘various illegalities’ were committed in raising of these funds.
With regard to Subrata Roy and three other directors, namely Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary, SEBI ordered freezing of all bank and demat accounts of these four persons, as also attachment of all moveable and immoveable properties in their name with immediate effect.
Sahara said that it had already deposited Rs5,120 crore with SEBI that was in excess of its total liability towards refund to investors.
The decision was taken by the Union home ministry a day after the Supreme Court restrained the Italian ambassador from leaving India without its permission