Supreme Court Allows SEBI Applications in Sahara Case

Authority: Supreme Court of India

Order Date: 24-09-2026

Case Overview

• Petitioners: Securities and Exchange Board of India (SEBI) filed multiple consolidated petitions (CONMT.PET.(C) No.1820‑1822/2017 and CONMT.PET.(C) No.413/2012) against respondents Subrata Roy Sahara and associated parties.
• Respondents: Sahara Group entities represented by a large panel of counsel.
• Nature of proceedings: A series of interlocutory applications (IA) ranging from IA No.147567/2023 to IA No.5274/2026, covering permissions, exemptions from filing O.T., clarification/direction requests, intervention/impleadment applications, and requests for appropriate orders/directions.
• Key dates: Earlier order dated 24‑07‑2026 appointed a verification committee chaired by Hon’ble Justice Rajiv Sahai Endlaw (Retd.). The present order is dated 24‑09‑2026 and lists further applications to be heard on 03‑Nov‑2026 at 2 p.m.
• Background: The disputes stem from alleged violations of SEBI regulations and the Companies Act, 1956, involving alleged non‑payment of dues by Sahara and attachment of its assets by the Directorate of Enforcement (DE).

Final Outcome

• All listed interlocutory applications (including IA No.147567/2023, IA No.175833/2025, IA No.78878/2026, IA No.103086/2025, IA No.41553/2026, IA No.63099/2025, IA No.41469/2026, IA No.58641/2025, IA No.2057/2026, IA No.29310/2025, IA No.296461/2025, IA No.231734/2026, IA No.20982/2025, IA No.295573/2025, IA No.181154/2026, IA No.248352/2024, IA No.292276/2025, IA No.153064/2026, IA No.78070/2023, IA No.291979/2025, IA No.82242/2026, IA No.214820/2026, IA No.293360/2025, IA No.293328/2025, IA No.289277/2025, IA No.287901/2025, IA No.165935/2025, IA No.248408/2024, IA No.251637/2026, IA No.248354/2024, IA No.295494/2025, IA No.293219/2025, IA No.292255/2025, IA No.289267/2025, IA No.257934/2025, IA No.175834/2025, IA No.103084/2025, IA No.28588/2025, IA No.335331/2025, IA No.20985/2025 and many others) are allowed.
• The Court directed issuance of a notice to the Directorate of Enforcement, to be served on the office of Mr. S.V. Raju, ASG, DE, with a response required within one week.
• Sahara is required to file an affidavit disclosing properties attached by DE within two weeks of this order, and to serve a copy of the affidavit to the Amicus Curiae.
• A mediation report concerning the compromise of the matters must be filed and served on the Amicus Curiae, who is asked to file a response.
• The Court listed the interlocutory applications of Category 2A and 2B for hearing on 03‑Nov‑2026 at 2 p.m., and ordered that notices be returned on that date.
• In W.P.(C) No.877/2018, the Court noted that the Companies Act, 1956 and SEBI regulations may be attracted but declined to pass further orders at this stage, while allowing pending SEBI Special Court proceedings (Case Nos. 223/2014 and 224/2014) to continue without a judgment.
• Additional directions include granting a four‑week period to the petitioner in W.P.(C) No.147/2024 to file a supplementary affidavit and listing that matter for the same hearing date.

Topics: Court Orders, SEBI Enforcement, Sahara Dispute