In a fresh turn of events in the Sahara case, RBI on Friday moved the Supreme Court seeking to implead itself as a party in the company’s tussle with SEBI and sought to stop one of its firms from disposing off assets for securing the release of its chief Subrata Roy. In an application, the Reserve Bank of India (RBI), sought modification of the order allowing Sahara Group to sell its assets for generating funds.
It has asked the apex court to restrain Sahara India Financial Corporation ltd (SIFCl) from utilising any of its assets, including securities, for paying dues to SEBI on the ground that SIFCl is Residuary Non-Banking Financial Firm and falls under its (RBI) regulatory control. The apex court, on June 4, 2014, had modified its one of its earlier 2013 order “to the extent of permitting alienation of the securities and assets of the group companies of Sahara including SIFCl for the purpose of making payments under the directions of the apex court.”