Sebi-Sahara case: SAT adjourns hearing till March 23

There seems to be no relief in sight for the Sahara group. The Securities Appellate Tribunal (SAT) today did not grant any interim relief to Sahara's promoter Subrata Roy Sahara who pleaded that his personal properties and bank accounts cannot be frozen by Securities and Exchange Board of India (Sebi) under the garb of implementation of Supreme Court's directive, reports CNBC-TV18's Malvika Jain.

On March 23, SAT is going discuss whether Subrata Roy Sahara's personal properties and personal bank accounts should be frozen by Securities and Exchange Board of India (Sebi) in view of the fact that two Sahara real estate firms have not refunded Rs 24,000 crore to their Rs 3 crore optionally fully convertible debentures subscribers.

Sahara Group feels that it does not have to refund Rs 24,000 crore and whatever amount was supposed to be repaid to the investors has already been done and approximately Rs 5,000 crore have already been deposited with Sebi.

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