Press Esc to close

SC pulls up Sahara chief

New Delhi, April 22, 2013, DHNS: 2:11 IST
File photo.

The Supreme Court on Monday sought an explanation from Sahara group promoter Subrata Roy and two other directors as to why they should not be detained for their failure to refund Rs 24,000 crore to investors.

A bench of Justices K S Radhakrishnan and J S Khehar also chided Roy for “manipulating” courts and trying to make the case an “endless exercise”.

The court pulled up the group for failing to respond to its contempt notice for not initiating action for their alleged breach of its orders on refunding the money to the investors and depositing all documents with the Sebi for verification of investors and payments.

The Sebi has sought detention of Roy and directors Ashok Roy Choudhary and Ravi Shankar Dubey, in view of their “open, continued and consistent defiance” of the directive to refund money.

Before giving Sahara a week to respond to Sebi’s contempt petition and another plea seeking top brass detention, the court asked, “Are you supposed to sit and relax when notice is issued to you? We think you are trying to make the case an endless exercise.”

The court had in August 2011 asked two Sahara firms -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) – to refund Rs 24,000 crore collected from investors through “illegally” raised optionally fully convertible debentures (OFCDs) by November 30 last year.

‘Very strange’

The bench described as “very strange” Sahara’s bid to seek extension of time and other reliefs from various fora despite the SC order.

“What has been happening? You are filing appeals after appeals. Why did you move the Allahabad High Court against the Sebi attachment order? How can you go to the HC? You are manipulating courts. Attempts are made to overreach orders of this court. We are surprised with what you are doing. We will take it seriously” the bench said.

The bench rejected an argument advanced by Sahara’s counsel that they were compelled to approach HC and SAT as the Sebi had gone beyond the scope of the SC order by passing certain orders, including attachment of personal properties of the directors.

The court said, the Sebi was at liberty to take any action it felt necessary to make its directives enforceable.

Go to Top

Photo Gallery
CPI(M) workers chant slogans at a protest rally outside BJP headquarters in New Delhi on Tuesday...

CPI(M) workers chant slogans at a protest rally outside BJP headquarters in New Delhi on Tuesday...

Woman teachers pose with Diwali greeting messages at a school in Moradabad on Tuesday...

Woman teachers pose with Diwali greeting messages at a school in Moradabad on Tuesday...

A girl buying decorative items in a market on the occasion of Dhanteras festival in Bhopal on ...

A girl buying decorative items in a market on the occasion of Dhanteras festival in Bhopal on ...

Vendors show lanterns to customers at a roadside market ahead of the Hindu festival of Diwali in ...

Vendors show lanterns to customers at a roadside market ahead of the Hindu festival of Diwali in ...

BJP National President Amit Shah and BJP Kerala state president Kummanam Rajasekharan wave to the ..

BJP National President Amit Shah and BJP Kerala state president Kummanam Rajasekharan wave to the ..

England Midfielder Callum Hudson-Odoi(14) and Hinata Kida(6),Midfielder of Japan vie for the ball ..

England Midfielder Callum Hudson-Odoi(14) and Hinata Kida(6),Midfielder of Japan vie for the ball ..

Actress and BJP MP Hema Malini along with her daughters Ahana and Esha cutting a cake to celebrate..

Actress and BJP MP Hema Malini along with her daughters Ahana and Esha cutting a cake to celebrate..

Union Minister for Defence, Nirmala Sitharaman with Chief of Naval Staff, Admiral Sunil Lanba and ..

Union Minister for Defence, Nirmala Sitharaman with Chief of Naval Staff, Admiral Sunil Lanba and ..

Kamaraj Congress (KKC) and Most Backward Communities Federation demonstrators lying on the road in..

Kamaraj Congress (KKC) and Most Backward Communities Federation demonstrators lying on the road in..

Rajesh Talwar arrives at his residence in Noida on Monday after he, along with his wife Nupur, was..

Rajesh Talwar arrives at his residence in Noida on Monday after he, along with his wife Nupur, was..

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.