Posted On by &filed under Corporate Law News.

SEBI moved to the Supreme Court for the house arrest of Sahara Group Chairman Subroto Roy for not refunding of Rs 24,000 crore money belonging to investors in his companies.

It has been also asked by the Securities and Exchange Board of India (SEBI), in its application, to impound the passport of Roy and two other directors of a real estate company of Sahara group.

SEBI has alleged that Roy and two directors of the realty firms have failed to abide by the directions of the apex Court. There was also the possibility of Roy and his two directors trying to flee the country.

A bench headed by Justice KS Radhakrishnan had directed two real estate companies of Sahara Group to deposit Rs 24,000 crore with SEBI to secure the interest of lakhs of investors who had invested their money in the housing schemes.

The application is likely to come up for hearing next week.

SEBI had earlier frozen the bank accounts of Subroto Roy and his companies

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