On February 13, Sebi passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts.
SAT has issued order to freeze Subrata Roy's account.
The Ministry of Corporate Affairs (MCA) told a litigation court that both entities were bound by Sebi regulations, as the money raising by the erstwhile Sahara India Real Estate Corp (SIRECL) and Sahara Housing Invest Corp Ltd (SHICL) would come under the definition of public issue.
Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
The apex court had also asked Sahara Group to provide it within two weeks the list of "unencumbered properties" which can be put for public auction to realise the remaining over Rs 14,000 crore
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
Latest exercise follows two similar attempts made by Sebi in the past
While Sahara maintains it has already repaid more than 93 per cent of the outstanding dues directly to the concerned bondholders and the remaining amount was just about Rs 2,500 crore (Rs 25 billion), it deposited Rs 5,120 crore (Rs 51.2 billion) to Sebi in December 2012 towards the investor refunds as per Supreme Court orders.
The events of September 24 have not only earned the country a whole lot of interest but also showed the world how a lot more can be accomplished with a shoestring budget.
Sebi sets Sept 30 deadline to apply for Sahara refund
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
The apex court was irked when Sebi claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
The apex court told Roy that his proposal of paying Rs 1,500 crore, if the auction process was halted or postponed, was unbelievable.
Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara, has sought time till August 15 for realisation of the cheque and giving a road map for depositing the remaining amount.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
The apex court also asked Sahara Group to provide it within two weeks the list of 'unencumbered properties' which can be put on public auction.
Unable to verify or trace a large number of bondholders in Sahara refund case, Sebi has begun a process to consult the business conglomerate for verifying the genuineness of such investors.
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