Sebi's petition is likely to be taken up by the apex court tomorrow for consideration.
On December 13, the Allahabad high court had stayed an order of Sebi restraining Sahara India Real Estate Corporation from accessing public funds.
The Lucknow bench of the high court comprising Justice Devi Prasad Singh and Justice Virendra Kumar Dixit had passed the order on a writ petition filed by the Sahara group entity.
The court, while admitting the writ petition of Sahara India for peremptory hearing, directed the Registrar of companies/central government to proceed with the matter at their end, investigate in the interest of shareholders and submit a status report by January 12 2011.
In its petition, the Sahara group firm had challenged the order of Sebi restraining two entities and promoters, including chairman Subrata Roy, from accessing market for non-disclosure
The Sahara company argued that only the central government may pass such an order and not the Securities and Exchange Board of India.
Apart from banning Sahara India Real Estate Corporation, Sahara Housing Investment Corporation and their promoters -- including Roy -- from raising money from the public, Sebi had said there was a need for lifting the veil on corporate fund raising.
Sebi also sent a recommendation to the government for taking appropriate action under the Companies Act.