MUMBAI: Observing that the Securities - Exchange Board of India (Sebi) is a body incorporated with an objective to protect the interest of investors and the security market and in view of the powers conferred, it can investigate a special court has refused to dismiss the case against Sahara India Real Estate, now deceased Sahara chief Subrata Roy, and others in criminal matter investigated by the regulatory authority.The accused had moved to court seeking dismissal on grounds that Sebi is not entitled to proceed with the complaint in view of probe carried out by the Serious Fraud Investigation Office (SFIO).In an order of November 1, the special judge said that cognisance of the complaint was taken, charges framed, and evidence of witnesses partly recoded.

“In such circumstances in my humble opinion by virtue of provisions of Section 212 of Companies Act, this matter cannot be referred to Serious Fraud Investigation Officer for any investigation as after taking cognisance and framing of charge, this court has to decide case on merit by way of judgment only,” said the judge.The judge passed a similar order in a separate trial related to Sahara Housing Investment Corp Ltd.

“There is no parallel investigation through any other authority on same subject pending when present complaint is filed.

Hence it cannot be held that there is pending complaint and police case on same subject matter hence proceedings cannot be stopped..,” the judge said.