CIC orders SEBI to conclude investigation into the Saradha scam in a time-bound manner

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New Delhi: Central Information Commission has directed the Securities & Exchange Board of India (SEBI) to complete the investigation into the matter relating to Saradha Realty India Limited within a time bound manner.

The CIC has also ordered that the appellant, who has sought information under the RTI and is also the complainant in the Saradha case, should be intimated the broad outcome of the proceedings. These should also be put on display on the SEBI website for information of the public at large.

Central Information Commissioner Bimal Julka has noted in his order that the interest of the investors needs to be protected at any

During the hearing in this matter, it was was argued by the appellant that he had suffered immense financial loss at the hands of Saradha Realty India Ltd. and that he desired to know the time period during which he would be reimbursed the losses incurred by him amounting to about Rs. 13,59,000. A reference was drawn to the decision of the High Court of Allahabad in WP C No. 39410/2018 of 3 December 2018. The High Court had passed an order in this case directing the Commission to consider and decide the Appeal of the Appellant in accordance with law without granting unnecessary adjournment to either of the parties. Therefore, this matter was listed on priority.

In its reply, SEBI submitted that through the adjudication proceedings initiated against Saradha and its Directors through an order of October 16, 2016, a penalty of Rs. 2 crore have been levied under Section 15D and 15HB of SEBI Act, 1992 against the company and its Directors Sudipta Sen, Hemanta Pradhan and Manoj Kumar Nagel.

The prosecution proceedings against Saradha Realty India Ltd. and its Directors are continuing. The recovery proceedings were initiated through recovery certificate no. 677 of 2015 on 4 June 2015 and bank accounts and demat accounts of Saradha Realty India Ltd. were attached through attachment notice no. 2044 and 2045 of 2015.

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