Press Esc to close
Saturday 18 April 2015
News updated at 2:10 PM IST
Weather
Max: 33.4°C
Min : 21.6°C
In Bengaluru
Sunny day

SC pulls up Sahara chief

New Delhi, April 22, 2013, DHNS:
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
Taragarh Fort overlooking the city on the eve of World Heritage Day...

Taragarh Fort overlooking the city on the eve of World Heritage Day...

Narmada Bachao Andolan activists during their 'Jal Satyagrah' in Khandwa...

Narmada Bachao Andolan activists during their 'Jal Satyagrah' in Khandwa...

Teena Ponnappa poses at the “Crafts Glory” an exhibition cum sale of Handicrafts and Handlooms...

Teena Ponnappa poses at the “Crafts Glory” an exhibition cum sale of Handicrafts and Handlooms...

Aishwarya Rai and Malayalam actress Manju Warrier at the inauguration of a jewellery shop in Chennai

Aishwarya Rai and Malayalam actress Manju Warrier at the inauguration of a jewellery shop in Chennai

Sachin Tendulkar during the IPL T20 match between Mumbai Indians and Chennai Super Kings in Mumbai..

Sachin Tendulkar during the IPL T20 match between Mumbai Indians and Chennai Super Kings in Mumbai..

Sahara Force India Mexican driver Sergio Perez steers his car during a practice session...

Sahara Force India Mexican driver Sergio Perez steers his car during a practice session...

A heap of wheat getting damaged with rain water in Hisar on Friday...

A heap of wheat getting damaged with rain water in Hisar on Friday...

Tigers at the Ranthambore National Park in Sawai Madhopur, India...

Tigers at the Ranthambore National Park in Sawai Madhopur, India...

Civic workers sweep at a lawn near India Gate in New Delhi on Friday...

Civic workers sweep at a lawn near India Gate in New Delhi on Friday...

Policemen fire teargas shells towards protesters during an agitation against the arrest...

Policemen fire teargas shells towards protesters during an agitation against the arrest...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523