Sahara Chief files an application to be discharged from SEBI case

Sahara chief Subrata Roy on Thursday filed an application in the Sessions Court for discharge from the case registered against him by the Securities and Exchange Board of India (SEBI), on the grounds that a case had already been filed against him before a Delhi court for allegedly duping investors, and thus he cannot be prosecuted for the same offence twice as it would amount to double jeopardy.

The court will hear the application on June 7. Meanwhile, Roy did not appear before the Sessions court, citing ill health.

Advocate Ashok Sarogi, who was appearing on behalf of Roy, said, "Roy was not able to attend the court on Thursday, as he was ill. We informed the same to the court and submitted a medical application of the same. The court has said that it would like to examine the doctor on whether the certificate is genuine, which we are ready for."

Sarogi added that on the next date, the court would decide on the discharge application. "However if the trial court rejects the discharge application, we will approach the Bombay High court and file an appeal,"said Sarogi.

The Apex court had ordered Sahara group to repay over Rs 25,000 crore to investors by depositing the amount with market regulator SEBI after it found that two group companies - Sahara Real Estate and Sahara Housing - had illegally collected the sum from three crore investors. Sahara has so far deposited over Rs 11,000 crore, of which Rs 6,000 crore was paid after the apex court sent Roy and two directors to jail on March 4, 2014.