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The appeal by Sahara India Pariwar chief Subrata Roy Sahara against a Sebi order to attach his properties and freeze his bank accounts will travel back to Mumbai as the Securities Appellate Tribunal's acting presiding officer PK Malhotra posted it for April 13. The appeal has been going back and forth between Delhi and Mumbai as Malhotra is juggling SAT matters with his duties as Secretary, Legislative Department under the Union law ministry.
Roy's appeal was first filed for admission on March 7 in Mumbai. After initial hearing on March 11 in Delhi, it was again posted to Mumbai for hearing on March 23. During this hearing, Sahara group filed few more appeals -- one each filed by Sahara India Real Estate, Sahara Housing Invest and the three directors of these firms.
Today, the tribunal acceded to the requests that three other appeals, which came up "for orders" must also be heard before deciding on Roy's appeal on the grounds of natural justice. All four petitions will be heard for maintainability on April 13, Sahara lawyer S Ganesh told reporters outside the courtroom.
While the two companies have appealed against Sebi's refusal to accept truckloads of documents, which were received after the deadline, the directors Ashok Roy Chaudhary, Vandana Bhargava and Ravi Shanker Dubey have appealed against the attachment of their private properties.
