Sebi moves SC to restrain all authorities against hearing pleas from Sahara Group - Indian Express

Utkarsh Anand : New Delhi, Sun Apr 28 2013, 02:01 hrs The Securities and Exchange Board of India (Sebi) on Saturday moved the Supreme Court seeking a restraint order against all administrative, judicial and quasi-judicial authorities across the country from entertaining any plea by Sahara Group in connection with their failure to refund Rs 24,000 crore to investors. Seeking a free hand in the matter, the market regulator sought to hold back all courts, Central and state, and other authorities from entertaining any further request by Sahara that could in any manner interfere with the court's August 31 judgment. In its application, Sebi also pleaded for a liberty to approach other forums for vacation of any order that is "creating hindrance" in the implementation of SC's various directions, besides transferring all such pending matters to the SC "to avoid multiplicity of litigation." Sebi also demanded directives to all authorities in the country to assist it in carrying out several orders it deemed fit in complying with the SC judgement. "All civil and judicial authorities in the territory of India shall act in aid of this court. Consequently, Cabinet Secretary and Home Secretary, Government of India, Chief Secretaries and Director Generals of Police of all the states, National Capital Territory and all Union Territories may be directed to ensure immediate compliance of steps taken and orders passed by Sebi (WTM) or any other officer or officers authorised by him for implementation of the directions contained in the common order on August 31, 2012," stated the application. Sebi said the drastic measures were necessary to protect the interest of three crore investors. It said that directions would also ensure that "all attempts made by Sahara's promoter and the three directors not only to defy but frustrate the directions" would be defeated and money would be realised without any delay. ... contd. ALSO READ Govt agencies begin crackdown on Saradha Maruti Suzuki Q4 net jumps 80% Smaller cities get global gateway in Abu Dhabi Central GST at 11%, state tax at 13%, says sub-panel Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFW25u9iZckMNvqAV6UhY9AqWD9tQ&url=http://www.indianexpress.com/news/sebi-moves-sc-to-restrain-all-authorities-against-hearing-pleas-from-sahara-group/1108668/

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