The Sahara group plans to file five more appeals before the Securities Appellate Tribunal (SAT) against the market regulator Securities and Exchange Board of India (Sebi) today.
Two of these will be for Sebi's refusal for acceptance of documents. While its three directors -- Ravi Shankar Dubey, Vandana Bhargava and Ashok Roy Choudhary -- will file three separate appeals.
Sebi in a February 13 order had attached assets of two group companies - Sahara Housing Investment Corporation (SHICL) and Sahara India Real Estate Corporation (SIRECL) - and that of its directors Subrata Roy, Bhargava, Dubey and Choudhary.
SAT today said that as Roy is not the director in the above two companies, charged for irregularities for the way they have raised money from investors, he has no personal liability.
The tribunal also noted that Sebi has no powers to attach properties. It said the regulator can ask judicial magistrate (JM) to do so.
SAT further observed that a JM can attach properties only for a month. But it cannot attach movable properties and demat accounts.
Sahara counsel said that Sebi in its order has wrongly mentioned that Roy owns 70% stake in the two companies. He said earlier Roy owned 70% stake but it has now come down to just 0.03% after other group companies have invested in them.