Sebi moves US court with $12 mn claim on Sahara jet sale

April 12, 2015 17:21

In a new twist to the high profile Sebi-Sahara case, the Indian capital markets regulator has approached a US court with a USD 12-million claim on proceeds from sale of a corporate jet owned by a Sahara Group firm.

The court has rejected the demand for now, saying that Sebi could not "properly file a claim prior to the Bar Date and in accordance with the terms of the Court's order".

The Indianapolis court is looking into disbursement of money collected from the aircraft sale that was triggered by a litigation. It ruled however that the court-appointed receiver can initiate wire transfers from the escrow account to Sebi-Sahara Refund Account after being satisfied with the validity of the demands.

This bank account was created after a Supreme Court order in August 2012 for refund to bondholders of two Sahara group firms, which were asked to submit over Rs 24,000 crore with the Securities and Exchange Board of India (Sebi) for making repayments to investors.

While Sahara claims to have already made over 95 per cent of repayments directly, this has been disputed by Sebi and the group chief Subrata Roy has been in jail for more than a year.

The present case in the US relates to an Airbus Corporate Jet, a green aircraft purchased by Sahara group's Hospitality Business Limited (HBL) from Airbus SA in December 2012.

« Back to LIVE

TOP STORIES

'Dhoni hasn't played his last IPL match'

Ambati Rayudu doesn't feel MS Dhoni has played his last match, puts ball in BCCI's court

Will jailed preacher Amritpal's Khadoor Sahib entry challenge SAD?

Amritpal Singh, the chief of the 'Waris Punjab De' outfit, who is lodged in Assam's Dibrugarh jail under the National Security Act, has thrown his hat into the ring as an Independent.

Rohit slams broadcasters for recording private talks

Rohit Sharma on Sunday lashed out at the IPL broadcasters for 'breaching' cricketers' privacy

3,300 CISF jawans to replace CRPF in Parliament security starting Monday

The parliament duty group of the CRPF wound up its entire administrative and operational paraphernalia -- vehicles, weapons and commandos -- from the complex on Friday and its commander, a deputy inspector general-rank officer, handed...

Bibhav Kumar sent to 5-day police custody in Maliwal assault case

It noted the prosecution's submissions about the need to take Kumar to Mumbai and other parts of the national capital to collect evidence, which was not possible without the accused's custody.