Sahara lawyer accuses SEBI of misleading Supreme Court

Sahara lawyer accuses SEBI of misleading Supreme Court
16/10/2017 , by , in News/Views

Sahara  said that the Securities and Exchange Board of India (SEBI) has misled the Supreme Court as it has blamed Sahara for obstructing the auction process of Aamby Valley.

SEBI has filed a petition in the apex court alleging that Sahara was obstructing the auction process and strongly prayed for initiation of contempt proceedings against the directors of Aamby Valley, including against its chief Subrata Roy.

On the issue of obstructing the auction process, Sahara’s lawyer Gautam Awasthi said that Sahara has not handed over custody of Aamby Valley to police. “Sahara had, in fact asked for police protection and that too on payment,” the lawyer said.

“SEBI very wrongfully presented to (the) Supreme Court, while hiding the fact that presence of police was meant only to provide police protection and not handing over possession of the property to police,” the statement said.

The lawyer added that in some publications, it was also absolutely wrongfully written that the court warned Subrata Roy whereas there was no such warning.

The top court directed the auction of Aamby valley to recover money that the Sahara group has to pay to the market regulator SEBI for returning investors money that its two companies SIRECL and SHICL had raised from investors in 2007 and 2008.

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