The Sahara group, on Tuesday, approached the Supreme Court, seeking postponement of the scheduled hearing on April 22 on the Securities and Exchange Board of India’s plea seeking its permission to detain the group’s Chairman Subrata Roy and to initiate contempt proceedings against him for not complying with its orders to refund Rs.24,000 crore to investors.
A bench headed by Justice K. S. Radhakrishnan said it would sit on April 22 and decide whether the Sahara’s plea could be considered or not.
On March 15, SEBI had moved the apex court seeking the arrest of Mr. Roy and barring him from leaving the country after two companies of the group had failed to comply with the court’s order to refund Rs.24,000 crore to its investors.
