SEBI files contempt-of-court proceedings in SC against Sahara

SEBI alleges that the company attempts to disrupt auction proceedings of their Pune based property, Aamby Valley.

October 10, 2017 / 20:00 IST

Market regulator Securities and Exchange Board of India (SEBI) has filed a contempt of court plea against Sahara, reports CNBC-TV18.

According to the report, SEBI alleges that the company attempts to disrupt auction proceedings of their Pune-based property Aamby Valley.

According to previous rulings by the Supreme Court, the proceeds from auctioning the Aamby valley property would be used to pay off SEBI related dues.

Moneycontrol had earlier reported that the price of the Valley was approximated to be Rs 34,0000 crore.

SEBI has a filed a contempt of court against Sahara and Subrata Roy for not cooperating with the Apex Court’s ruling and even disrupting these mandated proceedings. The report states that both Sahara and Subrata Roy might face serious actions.

first published: Oct 10, 2017 05:11 pm

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