Sahara stay order: RBI moves apex court

The Reserve Bank of India on Friday approached the Supreme Court, challenging the Allahabad High Court stay on its order banning Sahara group's para-banking company from taking fresh deposits.

The appeal was mentioned before a vacation Bench headed by Justice Arijit Pasayat, which fixed June nine as the date for hearing the matter.

The Bench allowed senior advocate P R Andhyrujina, who mentioned the matter, to file a special leave petition against the High Court order later in the day.

The Bench also permitted Sahara India Financial Corporation's counsel Mukul Rohtagi to file a caveat.

The Lucknow Bench of the Allahabad high court on Thursday stayed the RBI ban, following a plea by SIFCL's Executive Director O P Srivastava.

The RBI had Wednesday 'prohibited with immediate effect from accepting any deposits in whatsoever manner, including installments under any running daily deposit or other deposits,' citing violation of norms.