After having assured the Securities and Exchange Board of India (SEBI) Court that Sahara chief Subrata Roy will attend all hearings in the 2012 case of SEBI violations, the Bombay High Court allowed him to file a discharge application in the case.
A single bench of Justice R.G. Ketkar said, “The accused have a valuable right to file a discharge application before framing of charge and that right cannot be taken away.”
In 2012, SEBI alleged that Mr. Roy and three of its directors collected money from investors without listing their securities on stock exchange: all four from Sahara India Real Estate Corporation, Sahara Housing Investment. It is alleged that there have been violations under the SEBI Act that can lead to imprisonment of up to 10 years. The court questioned the doctor’s certificate provided in the last hearing for Mr. Roy not being present in court on the grounds of having a stomach upset. The doctor who signed the certificate appeared in court and explained his medical condition.
