SC asks Sebi why delay in action against Sahara

Feb 07 2013, 04:40 IST
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SummaryContempt notices issued to 2 group cos, MD & 3 directors.

and the balance in two instalments — Rs 10,000 crore in the first week of January and the rest in the first week of February.

However, Sahara told the court that it has already paid Rs 5,120 crore, although it was to pay only Rs 2,620 crore, thus having made an extra payment of Rs 2,500 crore “to provide buffer, if there are any miscalculations”.

Senior counsel Ram Jethmalani argued that Sahara on December 10 had sent 127 truckloads of documents, containing more than 31,500 cartons, relating to redemptions made to 3.3 crore investors.

However, the bench asked why it took the companies so long to give proof. “Documents were available with you. You should have handed them over,” Justice Khehar said.

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