In fresh trouble to Sahara group, the Supreme Court today issued notice to the Group to respond within four weeks why contempt action should not be initiated against the two companies for not complying with its earlier order. The Court observed that SEBI is free to freeze accounts and seize properties of its two companies for defying court orders by not refunding 24,000 crore rupees to investors.

The apex court also pulled up SEBI for not taking action against the companies – Sahara India Real Estate Corporation and Sahara Housing Investment Corporation as per its August 31, 2012 order which had asked it to attach properties and freeze bank accounts of the companies.

The market regulator submitted that it is taking action and issued notice to the companies and approached civil court in Bombay for freezing bank accounts. Not satisfied by its contention, the bench said that issuing notice is not enough and that SEBI has to follow its last year's order.