SME Times News Bureau | 04 Apr, 2013
The Lucknow bench of the Allahabad High Court Wednesday sought a response from Sahara India and and its chairman Subrata Roy on a PIL accusing them of denigrating SEBI through an advertisement in newspapers March 17.
Justices Uma Nath Singh and Satish Chandra directed both to file a response within two weeks.
In the PIL filed by social activist Nutan Thakur, her advocate Asok Pande argued for strong action against Sahara and Roy while additional solicitor general K.C. Kaushik did not oppose it.
The PIL accused Roy and Sahara India of "openly denigrating and accusing" the Securities and Exchange Board of India of criminal misconduct under the Companies Act.
The petitioner demanded legal actions against Sahara India Parivar and Roy. The court fixed April 22 as the next date of hearing.
Sahara Megha | Sun Apr 7 05:57:20 2013
2) SEBI has been trying it all from issuing public notice, moving Supreme Court and requesting arrest pleas. It seems that SEBI has reached a level of desperation in its campaign to malign Sahara's image. SEBI's chairman taking dig at the company without naming it justifies SEBI's faltering attempts and Sahara's justifying claims.
Sahara India sneha | Sun Apr 7 05:56:15 2013
Sahara Group has justified payment of Rs 20,000 crore to investors in a statement after the Securities and Exchange Board of India (Sebi) chairman U K Sinha expressing doubts over the same in a speech without naming any organisation but pointing fingers towards Sahara Group.
