Taking cognisance of civil and criminal complaints against two Sahara firms and their top executives in the
Securities and Exchange Board of India (Sebi)-Sahara case, a metropolitan magistrate in Mumbai has asked them to appear before it for 'violation' of regulations.
Following the Supreme Court order
against Sahara last year for refund of more than Rs 24,000 crore
to their bondholders , Sebi had filed criminal complaints against Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd and their top officials for violation of various provisions of the Companies Act and the Sebi Act.
After looking into the complaints, the magistrate passed orders to issue the order against the two companies and their top officials under the Companies Act and the Sebi Act.
The order means that the court has taken cognisance of the complaint and has sought appearance of the accused parties before it.
The Supreme Court had ordered Sahara Group last year to refund more than Rs 24,000 crore to their bondholders 
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