The Lucknow bench of the Allahabad High Court Wednesday sought a response from Sahara India and and its chairman Subrata Roy on a PIL accusing them of denigrating SEBI through an advertisement in newspapers March 17.
Justices Uma Nath Singh and Satish Chandra directed both to file a response within two weeks.
In the PIL filed by social activist Nutan Thakur, her advocate Asok Pande argued for strong action against Sahara and Roy while additional solicitor general K.C. Kaushik did not oppose it.
The PIL accused Roy and Sahara India of "openly denigrating and accusing" the Securities and Exchange Board of India of criminal misconduct under the Companies Act.
The petitioner demanded legal actions against Sahara India Parivar and Roy. The court fixed April 22 as the next date of hearing.