Bhangoo moves SAT against Sebi’s recovery order

Facing heat from multiple agencies in the country’s biggest illegal fund-mobilisation case involving nearly Rs 60,000 crore, PACL’s Nirmal Singh Bhangoo on Wednesday approached Securities Appellate Tribunal (SAT) against Sebi’s recovery proceedings to collect funds due to investors.

As the Tribunal is in vacation and its Presiding Officer is on leave, the plea was taken by a single member, who listed the matter for hearing on Friday, January 1, and asked Sebi to reply by that day. SAT would continue to remain in vacation till that day and the case is again likely to be heard by the single member.