SC Directs SEBI to Respond on Sandesara Plea; ₹5,100 Cr for Lenders

• Supreme Court asks SEBI to respond to Nitin and Chetan Sandesara's plea challenging the regulator's refusal to close its probe.
• SC grants SEBI time till April 2 to file its response, emphasizing recovery of funds for banks.
• Court clarifies that ₹5,100 crore paid by Sandesara brothers must be distributed to secured lenders proportionately.
• SEBI's probe involves allegations of routing funds from foreign banks into their company as misleading investments.
• Sandesara brothers, designated fugitive economic offenders, fled India in 2017 and deny duping banks of $1.6 billion.