Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
RBI has sought to stop one of its firms from disposing off assets.
At the same time, the bench comprising Justice Arijit Pasayat and Justice P P Naolekar said that the interim order of Lucknow Bench of Allahabad high court staying the RBI action against SIFCL will not be in operation. SIFCL will now appeal to RBI on June 12 for a personal hearing.
The NBFC was registered on December 1998, with an office in Lucknow.
The move comes a full four years before the deadline set by the Reserve Bank of India.
Normalcy returned to the Sahara premises in Lucknow. The residuary NBFC saw the Supreme Court's direction to Sahara India Financial Corporation to approach the designated RBI authority in a positive light.
Subroto Roy-led Sahara Group's para-banking company on Thursday obtained a stay on Reserve Bank's ban on accepting fresh deposits from investors.A vacation bench at the Lucknow Bench of the Allahabad High Court granted the stay on a petition filed by Sahara India Financial Corp's executive director O P Srivastava and posted the matter for further hearing in last week of July.
SC wanted to know how it encashed securities deposited with RBI.
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