Read on the application
After the death of Subrata Roy, there is a lot of speculation regarding the ongoing case against the Sahara Group. However, recently Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buche, the stock market regulator, has clarified that the case against the group will continue. Earlier on November 1, the special court refused to dismiss the case against Sahara India. Let us tell you that SEBI is investigating the matter of Sahara Group.
what is the matter
In fact, an appeal was filed in a special court to quash the criminal investigation case against Sahara chief Subrata Roy and others. Dismissing the appeal, the court held that SEBI is a body constituted with the objective of protecting the interests of investors and can conduct investigations based on its powers. SEBI has the power to protect the interests of investors.
State-owned company’s IPO creates ruckus in gray market, experts say – Subscribe
In an order dated November 1, the special judge said that the case cannot be referred to the SFIO for any inquiry based on the provisions of Section 212 of the Companies Act. Let us tell you that the petitioner had moved the court seeking quashing on the ground that SEBI was no longer entitled to proceed with the case in view of the investigation conducted by the Serious Fraud Investigation Office (SFIO).
SEBI will continue the investigation
After Subrata Roy’s death, Madhabi Puri Buch said the capital market regulator would continue its case against the group. Buch said the case for SEBI is about the conduct of an entity and that will continue whether a person is alive or not. Let us tell you that Sahara Group founder Subrat Roy passed away on Tuesday. He was ill for a long time.