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SC to hear Sahara-SEBI refund dispute today

The Supreme Court will on Thursday hear a case involving Sahara chief Subrato Roy and the Securities and Exchange Board of India (SEBI) over a dispute of returning money to its investors.

In its previous hearing, the apex court gave 15-days time to Roy to deposit Rs. 552 crore in connection with the case.

A three-judge bench of the apex court, headed by Justice Dipak Misra, said that if Roy fails to pay the amount within 15 days, the court would direct the commencement of the auction process for Aamby valley property.

Earlier on June 19, Roy’s parole was extended till July 5.

Roy on May 18 did not appear before the SEBI court after filing an exemption application on medical grounds.

However, the special SEBI court rejected Roy’s plea.

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