The Securities and Exchange Board of India (Sebi) on Friday moved the apex court, seeking the detention of Subrata Roy Sahara, chairman of the Sahara Group, and directors Ravi Shankar Dubey and Ashok Roy Choudhary.The market regulator has also pleaded that the three and Vandana Bhargava, another director, be told to deposit their passports with the Secretary General of the court and be asked not to leave the country without approval.
It requested the Supreme Court to pass an order permitting a Sebi whole-time member to take measures for the arrest and civil detention of three Sahara Group officials, including Roy, and has sought further directions, said a Sebi lawyer who didn’t wish to be quoted.
Sebi’s latest move comes in the wake of its February 13 order for attachment of assets of two group companies — Sahara Housing Investment Corporation (SHICL) and Sahara India Real Estate Corporation (SIRECL) — and its directors Roy, Bhargava, Dubey, and Choudhary.
In its order, Sebi had directed them to furnish information of all their properties and bank accounts within 21 days. It couldn’t be ascertained whether Sebi’s latest petition before the apex court was triggered due to non-furnishing of this information.
The Sebi lawyer said the matter was likely to come up for hearing in the first week of April.
A Sebi spokesperson refused to comment. Sahara said in a statement: “Everyday, SEBI is maliciously leaking to media ... without any substance, against Sahara Group, to wreck personal vengeance, by some officers involved in handling with the matter.” It said Sebi has asked for civil detention but such provisions do not apply to SEBI. “... under the SEBI Act, application of Code of Civil Procedure is clearly barred and ruled out and also the fact that no question of any such non-compliance, on the part of Sahara officials do arise ....”
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