The Sahara Group has supported SEBI’s claim before a US court to bring back around USD 13 million from sale proceeds of a business jet of the Group.
The Group has also admired ” SEBI’ s active cooperation” in this matter. The court ordered to sale a corporate jet owned by Sahara Group firm after a litigation and appointed a receiver to look into distribution of the fund kept in an escrow account.
“Apart from a claim received from the UK-based charter operator following the sale of the aircraft, Sebi also emailed the receiver staking claim to the money left over after the decreed amount had been paid to Comlux.
“There were concerns raised by the court and the receiver that the claim/objection emailed by Sebi was not in proper form, it was not filed through the obligatory Mutual Legal Assistance Treaty protocols, and it was unsubstantiated.”